|Published 1 April 2020|
Support for startups affected by coronavirus: the ultimate resource for Asia companies
Here are the curated information, links and resources to help you tide over the crisis:
First things first, something you Must read:
How Jack Ma helped his company survive the Sars Crisis
Click here for Comprehensive list of resources by ACE
Measures announced by government:
The Singapore Government has been swift in its response to the COVID-19 virus and the economy downturn, devoting billions to firms to help them weather its impact.
• Those who are self-employed will receive direct cash support through a Self-Employed Person Income Relief Scheme, which offers S$1,000 per month to eligible self-employed people for nine months.
• Self-employed people will receive enhanced hourly training allowances under the Self-Employed Person Training Support Scheme, for them to use the downtime to train and upskill.
• From May 1, the hourly training allowance will be raised from S$7.50 to S$10. The training support scheme will also be extended to December this year.
COVID-19 relief package
• Companies to receive 75 percent wage subsidy in April for the first S$4,600 of each local employee’s wages
• Government to waive foreign worker levies due in April
• Companies to get S$750 rebate for each employee holding a work permit or an S-pass
• Income relief for self-employed persons to be extended to those who also have earnings from employed work and own private properties
Jobs Support Scheme
Firms in the food services sector will receive 50 per cent co-funding per local worker, while firms in the aviation and tourism sectors – the most badly affected sectors – will receive 75% co-funding.
• Companies and self-employed people will get an automatic deferment of income tax payments for three months.
• For businesses in other non-residential properties, such as offices and industrial properties, a property tax rebate of 30% will be granted.
• 2 months of rental waiver for commercial tenants.
Easing the financial strain on individuals and SMEs caused by the COVID-19 pandemic
The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS), the Life Insurance Association (LIA), the General Insurance Association (GIA), and the Finance Houses Association of Singapore (FHAS), today announced a package of measures, read more here.
This is a living list: we’ll keep updating it as the situation develops. Thank you for your numerous contributions, and if we’re missing anything else, please let us know: elise.tanyeeling (at) gmail.com.
Grants and Loans
|• Facebook – Small Business Grants Program|
• Enterprise SG – Temporary Bridging Loan Program (max raised from S$1 million to S$5 million)
•Enterprise SG – Enterprise Financing Scheme (EFS)
• SME Working Capital Loan (max raised from S$600,000 to S$1 m)
• SME Fixed Assets Loan
• Venture Debt Loan
• Trade Loan (max raised from S$5 million to S$10 m)
• Project Loan
• Mergers & Acquisitions Loan
• Working capital for SME and Startups www.finaqe.com
Investment support schemes
|Startup SG Equity|
• This government and private co-investment scheme catalyses financing of tech startups with strong IP and global potential. READ MORE
• SEEDS Capital manages co-investment funds under Startup SG Equity and co-invests in scalable innovative startups with strong IP. READ MORE
• A government-linked fund, EDBI invests in promising companies across diversified industries ranging from advanced manufacturing, consumer, emerging technologies, healthcare, ICT and logistics. READ MORE
|• Bill & Melinda Gates Foundation – commit up to $100 million for the global response to the 2019 novel coronavirus|
|• Amazon – Amazon Chime (Free for first-time users until June 30th)|
• Free AWS credits and more https://lnkd.in/fe9Fzn5
• Resources and articles by Golden Gate Ventures
|• Collated Startup resources by ACE|
• Algolia – Free Pro search plan for COVID-19 sites and apps
• Citymapper – Mobility Index
• Aggregators of deals and offers from startups in Singapore – Supportstartups.com
• Similar to above, Discounts from APAC startups for the community
• christopherquek.com for startup resources
• Hiring/ finding jobs at startups – SEAriously Awesome People List – Startup COVID-19 Layoffs
• Block71/ NUS Enterprise aggregation of Startup support and resources
• Best Practices for Founders by top VCs
For remote working
|• Best practices shared by top tier VCs|
• Work Remotely With Taskworld | Try Taskworld @$0 For 30 Days
• 8×8 Video conference
|• Learn about Business continuity measures in this course by Gnowbe and accredited by Temasek Polytechnic|
• Aventis: 20% Discount for all “Live Streaming” Registration (register by 30th April) with promo code “SGUNITED”. View List of Live Streaming Courses
Support measures for Startups affected in Europe