ADDITIONAL HEALTHCARE FUND
- An additional RM1 Billion to the Ministry of Health for the purchase of equipment and services related to fighting-off Covid-19.
INSURANCE COVERAGE
- Testing costs coverage up to RM 300 for insurance and Takaful policyholders.
INSURANCE PREMIUM PAYMENT DEFERMENT
- 3 months insurance premium payment deferment.
COST OF WAGES COVERAGE & SERVICE CONTRACT EXTENSION
- Salary coverage and extension of one month contract for service contractors such as hygiene and food supply with government agencies
INDIVIDUAL INCENTIVES
- RM 800 to unmarried individual earning less than RM 2,000 per month.
- RM 500 to unmarried individual earning between RM 2,001 – RM 4,000 per month.
B40 INCENTIVE – CASH ASSISTANCE
- RM 1,600 to households earning with less than RM 4,000 a month.
B40 INCENTIVE – RTO MORATORIUM
Following project under Housing & Local Government (KPT) will enjoy:
- 6 months MORATORIUM for RENT-TO-OWN units (RTO) effective April 2020 under .
B40 INCENTIVE – RENTAL EXEMPTION
- 6 MONTHS rental exemption for PPR and Public Housing.(note: under ESP 1.0, its only 1 month).
B40 INCENTIVE – EARLY BANTUAN SARA HIDUP PAY OUT
- Remaining cash transfer under the current Bantuan Sara Hidup (BSH) will be paid out in July 2020.
M40 INCENTIVES
- RM 1,000 to households earning RM4,001 to RM8,000.
E-HAILING DRIVERS
- One-off RM 500 assistance to E-hailing drivers
Note: Taxi Driver will receive w.e.f 1 Apr 2020 a one-off assistance RM 600 under previous ESP 1.0.
EMPLOYEE’S SALARY SUBSIDY PROGRAMME
- A 3 months subsidy of RM600/month for employee earning less than RM4,000 and employers with a 50% reduction in income since Jan 1, 2020. Employers must also ensure there is no retrenchment for 3 months after the program.
FOOD PROJECT FUND
- RM100 Million to provide food storage infrastructure and distribution facilities as well as crop integration programs.
FOOD SECURITY FUND
- RM1 BILLION for the purpose of the Food Security Fund to ensure food supply remains sufficient.
AGROFOOD FUND
- Special funds of RM100,000-RM200,000 for each Local Farmers’ Organization (Pertubuhan Peladang Kawasan) and Local Fishermen’s Organization (Pertubuhan Nelayan Kawasan).
UTILITIES INCENTIVE – FREE INTERNET
- Free Internet to all telco service provider customers beginning April 1, 2020 during the MCO implementation period.
UTILITIES INCENTIVE – TELCO INDUSTRIES
- RM400 Million investment to increase telecommunications network coverage and capabilities.
UTILITIES INCENTIVE – ELECTRICITY BILL DISCOUNTS
- A 6 MONTHS tiered-discount with rates ranging from 15% to 50% according to electricity usage with a maximum limit of 600 kilowatt per month, effective April 1, 2020.
CIVIL SERVANTS WELFARE
- Assistance of RM250 to over 850,000 Government pensions, as of April 2020.
- Assistance of RM500 to over 1.5 million civil servants including those contracted for Grade 56 and below by April 2020.
RENTAL EXEMPTION – FEDERAL GOV’S OWNED PREMISES
- Rental exemptions for all Federal Government-owned premises such as school cafes, nurseries, cafeterias, convenience stores and more for 6 MONTHS.
ZERO PENALTIES PRS WITHDRAWAL
- Pre-retirement withdrawals from Account B of up to RM1,500 per member without any tax penalties, from all Private Retirement Scheme (PRS) provider from April to December 2020.
INCOME REPLACEMENT PAYMENT
- Payment of income replacement claim amounted RM50/DAY under MySalam for B40 group quarantined under investigation (PUI).
HIGHER INSTITUTIONS STUDENTS INCENTIVE
- One-off cash assistance RM200 per person for higher education institution students.
PTPK DEFER LOAN REPAYMENT
- 6-MONTHS deferred loan repayment for Skills Development Fund Corporation(PTPK) borrowers.
VULNERABLE GROUP INCENTIVES
- RM25 Million for food assistance, healthcare and shelter targeted for shelters home, relief centers and homeless through NGOs & Social Entrepreneurs.
FRONTLINERS INCENTIVES
- RM200 special allowance to the military, police, customs, civil defense, RELA that involved with combatting covid-19 outbreak from April 1, 2020.
- Special allowance RM 600 per month to Doctor and medical staff w.e.f 1 April 2020.
Source: https://www.facebook.com/112183975526837/posts/2880091785402695/?sfnsn=mo
SPECIAL RELIEF FACILITY
- Additional RM3 Billion to Special Relief Facility (SRF) for Small and Medium Enterprises (SMEs) Fund and interest rate reduced to 3.5% from 3.75%.
ADDITIONAL ALL ECONOMIC SECTOR FACILITY FUND
- An additional RM 1 BILLION under the All Economic Sector Facility to enhance financing access to SMEs.
2% COLLATERAL FREE BSN’S MICRO CREDIT SCHEME
- An additional RM500 Million under the Micro Credit Scheme with a 2% collateral-free interest.
BIZMULA-I & BIZWANITA-I FINANCING SCHEME
- Financing up to RM300 Million for SMEs with less than 4 years of business records under BizMula-i and BizWanita-i Scheme under the Credit Guarantee Companies Berhad (CGC).
GUARANTEE FACILITY UNDER SJPP
- RM5 billion worth of guarantees facility and 70% – 80% guarantee rate for SME companies, provided by Syarikat Jaminan Pembiayaan Perniagaan (SJPP).
EPF EMPLOYER ADVISORY SERVICES (EAS) PROGRAM
- Employer Advisory Services (EAS) Program under the EPF on 15 April 2020, which includes options for deferment, restructuring and rescheduling of employer contributions.
HRDF LEVI PAYMENT EXEMPTION
- 6 months Human Resource Development Fund (HRDF) levi payments exemption for all sectors starting April 2020.
INCOME TAX INSTALMENTS PAYMENT POSTPONEMENT
- Postponement of income tax instalment payments to all SMEs for a period of 3 months beginning 1 April 2020.
Note:
i.This is in addition to 6 months instalment payment postponement for tourism industries under ESP 1.0)
ii.For other affected sectors, allowed to revise in the 3rd, 6th, 9th instalments during the basic accounting period.
iii.Pending IRBM detail announcement.
MORATORIUM: TEKUN, MARA, COOPERATIVES, GOV AGENCIES
- MORATORIUM extended to TEKUN, MARA and cooperatives as well as any government agencies providing financing to SMEs beginning April 1, 2020.
SOCIAL FINANCING PROGRAMS TO B40 ENTREPRENEUR
- Assisting B40 ENTREPRENEUR under social finance programs in the form of start-up capital with micro financing at an affordable.
NOTES:
i.1ST collaboration between Bank Islam Malaysia Berhad & Federal Territory Islamic Religious Council in May 2020.
ii.Entrepreneurs will get training in entrepreneurship, financial management, business development support.
GUARANTEE SCHEME TO FINANCE WORKING CAPITAL
Guarantee scheme worth RM 50 BILLION with up to 80% GUARANTEE for corporate sectors to finance working capital requirements.
NOTES:
i.Minimum guaranteed loan size RM20 million per business.
ii.Available for application from 1 May to 31 December 2020 or until the fund is fully utilised
Source: https://www.facebook.com/112183975526837/posts/2880092905402583/?sfnsn=mo
DOMESTIC INVESTMENT PROJECT
- Implementation of a number of small project with high multiplier effect and retaining work with an allocation of RM 2 BILLION to assist G1 to G4 class contractors.
Note:
Example of project are improving roads, upgrading dilapidated schools in Sabah and Sarawak, infrastructure projects in FELDA cleaning service for houses of worship and police stations, upgrading tourism facilities, and upgrading the Perumahan Rakyat Termiskin.
CONTINUATION OF 2020 BUDGET HIGH-SCALE PROJECT
- Ensuring the implementation of projects allocated in the 2020 Budget including ECRL, MRT2 and NATIONAL FIBERISATION & CONNECTIVITY PLAN.
FISCAL INJECTION
- Direct fiscal injection amounting to RM 25 billion to reduce the burden on the people and businesses.
CABINET MEMBERS SALARY CUT
- TWO MONTHS salaries cut of Prime Minister, Minister and Deputy Minister is cut and channelled to the COVID-19 Fund.
BUDGET REVIEW TO ALLOCATE MORE FUND FOR COMBATING COVID-19
- All Ministries will REVIEW THEIR BUDGET to look for savings so that it could be allocated to meet the applicable measures to deal with the outbreak of the virus.
For any enquiry, kindly contact us through enquiry@chengco.com.my or tax@chengco.com.my
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