The SGD$500 million Jobs and Business Support Package announced during Budget 2022 consists of two schemes, namely the Small Business Recovery Grant and the Jobs Growth Incentive. These schemes provide targeted help for workers and businesses in segments of the economy that are facing slower recoveries. In this article, we will be focusing on the Small Business Recovery Grant.
The Small Business Recovery Grant provides one-off cash support to small businesses in sectors that were most affected by Covid-19 safe management measures in 2021.
Here are the eligibility criteria:
1) The business entity must be “live” and physically present in Singapore and registered no later than 31st December 2021.
( Only Sole Proprietorships, Partnerships, Limited Liability Partnerships, and Companies that have a ‘live’ business status with the Accounting and Corporate Regulatory Authority (ACRA) as at the point of payout are eligible. Operators and stallholders in markets, hawker centres, coffeeshops, food courts, and canteens are eligible if they have valid Singapore Food Agency (SFA) licences as of 31 December 2021 and also continue to hold an active licence at the point of payout. Societies registered under Section 4 or 4A of the Societies Act in the following sectors are also eligible: Performing Arts and Arts Education; Museums, Art Galleries and Historical Sites; and Sports)
2) The business entity must have annual operating revenue that is less than SGD$100 million, filed with IRAS in the Year of Assessment 2021 by 31st December 2021; or fewer than 200 employees as of 31st December 2021.
3) The business entity must be in one of the sectors listed below:
Eligible sectors:
Food and Beverage:
Entities must have valid Singapore Food Agency (SFA) licences and be classified under SSICs 56 or 68104.
Hawker Centres, Markets, Coffeeshops, Food Courts, and Canteens:
For SFA-licensed operators and stallholders in markets, hawker centres, coffeeshops, food courts, and canteens that are registered as individuals:
• A licensee with local employees receiving mandatory CPF contributions will receive S$1,000 per local employee, subject to a cap of S$10,000 per licensee; or
• A licensee with no local employees will receive a flat payout of S$1,000 if the licensee is a Singapore Citizen or Permanent Resident.
Retail:
A qualifying retail firm must:
• Have a physical storefront; and
• Be classified under SSICs 47191, 47199, 474, 475, 476, 4771, 47721, 4773, 4774, 47752, 47759, 47761, 47769, 4777, 47802, or 4799.
Performing Arts and Arts Education:
Entities must:
• Meet at least one of the conditions of being a/an:
(i) Participant in a project, activity, programme, or festival supported by the National Arts Council (NAC) or National Heritage Board (NHB) between 1 April 2018 and 31 March 2021; or
(ii) Museum Roundtable member before 31 March 2021; or
(iii) Accredited Arts Education Programme (AEP) provider listed in the 2019-2022 NAC-AEP Directory; or
(iv) Entity with more than two-thirds of its business in arts/heritage-related activities (as defined as one of the six qualifying SSICs); and
• Be classified under SSICs 85420, 90001, 90002, 90003, 90004, or 90009.
Sports:
Gyms, fitness studios, and other sports facilities must:
• Operate sports- and/or fitness-related programmes that are
(i) conducted indoors without masks on prior to Phase 2 (Heightened Alert) (P2(HA)); or
(ii) for those 18 years and under prior to P2(HA); and
• Be classified under SSIC 93111, 93119, 93120, or 85410.
Cinema Operators:
Entities must:
• Hold a valid Film Exhibition licence from IMDA; and
• Be classified under SSIC 5914.
Museums, Art Galleries, and Historical Sites:
Entities must:
• Meet at least one of the conditions of being a/an:
(i) Participant in a project, activity, programme, or festival supported by the National Arts Council (NAC) or National Heritage Board (NHB) between 1 April 2018 to 31 March 2021; or
(ii) Museum Roundtable member before 31 March 2021; or
(iii) Accredited Arts Education Programme (AEP) provider listed in the 2019-2022 NAC-AEP Directory; or
(iv) Entity with more than two-thirds of its business in arts/heritage-related activities (as defined as one of the three qualifying SSICs); and
• Be classified under SSICs 91021, 91022, or 91029.
Indoor Playgrounds and other Family Entertainment Centres:
Entities must:
• Derive more than two-thirds of their revenue from operating family entertainment centres or family attractions-related businesses; and
• Be classified under SSICs 93201 or 93209.
Tourism, Hospitality, Conventions, and Exhibitions:
Qualifying licensed hotels must be a licensed hotel classified under SSIC 551. Qualifying licensed travel agents must have more than two-thirds of their revenue from their travel agency business, based on the Annual Business Profile Returns submitted to the Singapore Tourism Board (STB) in 2018.
Qualifying gated tourist attractions must:
• Have had more than 30% visitorship from tourists in 2019, and
• Be classified under SSICs 93201, 93209, 91021, 91022, 91029, or 91030.
Cruise line or cruise terminal operators are eligible.
Meetings, incentives, conferences, and exhibitions venue operators (MICE) must be purpose-built MICE venue operators. MICE and tourism event organisers must:
• Be impacted by the deferment/cancellation/loss of sales of at least one MICE/leisure event with at least 20% foreign attendees (residing outside Singapore) originally scheduled in Singapore between 1 Feb 2020 and 31 Dec 2020; and
• Derive more than two-thirds of their revenue from MICE/leisure events with at least 20% foreign attendees (residing outside Singapore) in 2018 or 2019; and
• Be classified under SSICs 82301, 82302, or 82303.
Regional ferry operators must:
• Be licensed by the Maritime and Port Authority of Singapore (MPA) as a Regional Ferry Services Operator; and
• Be classified under SSIC 50013.
If you would like to know more about the grants that can help your business, do contact us at [email protected].
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Singapore Secretary Services
For more useful articles and videos, visit the Singapore Secretary Services resource page.
Join our Telegram Channel to get updates to all our latest articles: https://t.me/SGSecretaryServices
Do visit the Company Essentials Workshop YouTube Channel to view useful videos: https://www.youtube.com/c/CompanyEssentialsWorkshop
If you would like to engage a business consultant, do visit SG Business Advisory.
Related articles:
Market Readiness Assistance (MRA) Grant
How can the Enterprise Development Grant help my company?
Enterprise Development Grant (EDG) support to be reduced to 70% after 31st March 2022
Leave A Comment