On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022.<\/p>\n
Mr Wong emphasised the Singapore economy’s resurgence in his opening comments, underlining the country’s excellent comeback from one of its worst recessions since independence.<\/p>\n
Mr Wong went on to say that the economy will expand at a consistent rate of 3% to 5% in 2022, according to predictions. This will be owing to an increase in worldwide vaccination and booster initiatives.<\/p>\n
In addition, Mr Wong discussed and shared details about the different business support packages and schemes for SMEs. But don’t worry; we have archived all of the significant updates for you, split into two parts. So here’s all you need to know about it.<\/p>\n
The Minister announced a $500 million Jobs and Business Support Packages to assist firms and employees in specific sectors that the epidemic has disproportionately impacted. This Business Support Packages comprise of;<\/p>\n
Small firms in sectors most impacted<\/a> by COVID-19 Safe Management Measures last year can apply for the Small Business Recovery Grant, a one-time cash payment. To be eligible, you must meet the following conditions:<\/p>\n According to the Annual Business Profile Returns filed to the Singapore Tourism Board (STB) in 2018, qualifying licenced travel agents must generate more than two-thirds of their revenue from their travel agency business.<\/p>\n Operators of cruise lines or cruise terminals are eligible. MICE venue operators (meetings, incentives, conferences, and exhibitions) must be purpose-built MICE venue operators.<\/p>\n Organisers of MICE and tourist events must:<\/p>\n Operators of regional ferries must:<\/p>\n In the period from November 1, 2021, to December 31, 2021, eligible enterprises will receive S$1,000 for each local employee who makes obligatory CPF payments, up to a maximum of S$10,000 per firm.<\/p>\n Suppose the local business owner earns a net trade income of less than S$100,000 and files with IRAS in the Year of Assessment 2021 by 31 December 2021. In that case, sole proprietorships and partnerships run by at least one local business owner but do not hire any local employees will receive a flat payout of S$1,000.<\/p>\n\n
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Sectors qualifying for Small Business Recovery Grant<\/h4>\n
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\n Industry<\/b><\/td>\n Criteria for Eligibility<\/b><\/td>\n<\/tr>\n \n Food and Beverages (F&B)<\/a><\/td>\n Entities must be categorised under SSICs 56 or 68104 and have valid Singapore Food Agency (SFA) licences.<\/td>\n<\/tr>\n \n Hawker Centres, Markets, Coffee Shops, Food Courts, and Canteens<\/td>\n Individually registered SFA-licensed operators and stallholders in markets, hawker centres, coffee shops, food courts, and canteens:<\/p>\n \n
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\n Retail<\/a><\/td>\n A retail business that qualifies must meet the following criteria:<\/p>\n \n
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\n Arts Education and the Performing Arts<\/td>\n Entities must comply with the following requirements:<\/p>\n \n
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\n Sports<\/td>\n Gyms, fitness studios, and other sports facilities must comply with the following requirements:<\/p>\n \n
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\n Operators of cinemas<\/td>\n Entities must comply with the following requirements:<\/p>\n \n
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\n Historic Sites, Museums, and Art Galleries<\/td>\n Entities must comply with the following requirements:<\/p>\n \n
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\n Indoor Playgrounds and other Centers for Family Entertainment<\/td>\n Entities must comply with the following requirements:<\/p>\n \n
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\n Tourism, hospitality, conventions, and exhibitions<\/td>\n Licensed hotels that meet the criteria must be designated as SSIC 551.<\/p>\n \n
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