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COVID-19 Support Measures - Resilience Budget 2020

It has been five weeks since the first stimulus package was announced on 18 February 2020. From a number of 80 COVID-19 cases since then, it has escalated to 683 cases as of today. On 11 March 2020, World Health Organization (WHO) has upgraded the status of the outbreak from epidemic to pandemic, which has also unfortunately translated into a Global Financial Crisis.
This afternoon, Deputy Prime Minister Heng Swee Keat announced a second stimulus package - The Resilience Budget - which will be funded from a combination of current and past reserves as another S$48 billion will be allocated for additional support measures.
The Resilience Budget focuses on three key areas:
- Save jobs, support workers, protect livelihood
- Help Enterprises with Cashflow, Cost and Credit
- Strengthen economic and social resilience
As fellow Small and Medium Enterprises (SMEs) and self-employed individuals, our top concern is, how are we benefiting from the Resilience Budget?
Singapore economy has contracted 2.2% year-on-year in Q1 2020, and full-year growth forecast has been slashed to between -4% and -1%. As the COVID-19 pandemic worsens, and with global shocks affecting uncertainties and cutback in economic activities, there is an urgency for the Singapore Government to step in to keep the economy afloat.
With the Resilience Budget announced this afternoon, we have to remain optimistic and of course, RESILIENT.
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