A GLANCE ON ECONOMIC STIMULUS PACKAGE IMPLEMENTATION
Malaysian Government has announced several Economic Stimulus Package (ESP) on 27 February, followed by 27 March, and an additional package on 6 April 2020, to cater Covid-19 global pandemic impact on business and economy.
Recently, the Ministry of Finance has presented the update on ESP which focus on 3 mains goal of protecting the people, providing business support & strengthen the economy.
The Government realized the importance of SMEs and micro-business where these sectors contributing nearly 40% to the country’s GDP and generating over 7 million and is committed to supporting businesses in this challenging time.
The key updates are special relief funds, wage subsidies, micro-credit lending schemes, and employer advisory services.
1. SPECIAL GRANT SCHEME
- Inland Revenue Board (IRB) will be handling the application of Special Prihatin Grant of RM 3,000 for SMEs w.e.f 1 May 2020.
- SME may validate its SMEs status for free, click the link to know more: https://chengco.com.my/wp/2020/04/21/cheng-co-smecorp-update/
2. EMPLOYER ADVISORY SERVICES
- Employment Provident Fund (EPF) will be providing employer advisory services effective from 24 April 2020.
- Among the available service are deferred EPF contribution for eligible SMEs.
- SOCIAL SECURITY ORGANISATION (SOCSO) has been approving application from 159,000 employer for almost 1M employees with subsidies worth RM1.2B and payment has been credited since last week.
4. MICRO-CREDIT SCHEME
- BANK SIMPANAN NASIONAL (BSN) & TEKUN Nasional had approve more than RM45M interest-free credit scheme for 1,500 SMEs. 900 application comes from BSN and 600 from TEKUN.
Source: https://www.facebook.com/tzafrulaziz/photos/pcb.126270159022739/126269332356155/?type=3&theater
>> Implementation of Economic Stimulus Package (MOF updated on 21 April)
For more information, please click Laporan-Pelaksanaan-Pakej-Prihatin-Rakyat-Kedua and Teks-Ucapan-Laporan-LAKSANA-PRIHATIN-Kedua
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Read more:
Frequently Asked Questions (FAQ) About BSN Micro/i Kredit Prihatin
