The outbreak of the coronavirus has slowed the global economy and most companies are in a state of flux. As this epidemic evolved to a pandemic, it is projected that this ordeal may last for at least a year. In the face of this uncertainty, many Small Medium Enterprises (SMEs) are already struggling to maintain their financial stability. Fortunately, financial aid is quickly made available to companies in Singapore to help them resuscitate their businesses and support employees who are affected by the on-going crisis. What schemes exist and what else can small businesses do to stay afloat during these uncertain times?
Government Aid for SMEs
With the experience from the SARs pandemic that caused a major financial downturn in Singapore in early 2000, the government and various financial bodies are quick to devise financial aids for businesses to prevent the economy from declining further. For example, the Ministry