The Self-employed Income Relief Scheme (SIRS for short) is perhaps the most generous initiatve announced by DPM Heng Swee Keat for the Resilience Budget. Its generiosity is only matched by its puzzling eligbility criteria.
Who qualifies? Self-employed people who currently receive Workfare payouts annuallyAdditionally, people who don’t get Workfare, but meet the following requirements will qualify as well:
Started work as an SEP on or before 25 March 2020;Do not also earn income as an employee;Earn a Net Trade Income of no more than $100,000;Live in a property with an annual value of no more than $13,000; andDo not own two or more properties.If you’re married, the following prerequisties also apply:
The individual and spouse together do not own two or more properties; andThe Assessable Income of his/her spouse does not exceed $70,000.How is it paid out?There will be 3 payments of $3,000 in May, July and October.
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