COVID-19 Recovery Grant Singapore: A Comprehensive Guide for Businesses

Introduction

The COVID-19 pandemic has had a devastating impact on businesses of all sizes in Singapore. In response to this unprecedented crisis, the Singapore government has introduced a range of support measures, including the COVID-19 Recovery Grant. This grant provides financial assistance to businesses to help them recover from the economic fallout of the pandemic.

Eligibility Criteria

To be eligible for the COVID-19 Recovery Grant, businesses must meet the following criteria:

• Be a registered business in Singapore
• Have an annual revenue of less than S$100 million
• Have experienced a decline in revenue of at least 30% due to COVID-19
• Be able to demonstrate that the business is viable and has a plan for recovery

Grant Amount

The amount of the COVID-19 Recovery Grant is based on the business's annual revenue. Businesses with an annual revenue of:

• Up to S$1 million will receive a grant of S$10,000
• S$1 million to S$5 million will receive a grant of S$20,000
• S$5 million to S$10 million will receive a grant of S$30,000

How to Apply

Applications for the COVID-19 Recovery Grant can be made online through the Business Grants Portal. The application process is simple and straightforward. Businesses will need to provide the following information:

• Business registration number
• Annual revenue
• Evidence of decline in revenue due to COVID-19
• Business plan for recovery

Benefits of the Grant

The COVID-19 Recovery Grant provides a number of benefits to businesses, including:

• Financial assistance to help businesses recover from the economic fallout of the pandemic
• Support for businesses to implement recovery plans
• Confidence that the government is committed to supporting businesses during this difficult time

Tips for Applying

To increase your chances of success, follow these tips when applying for the COVID-19 Recovery Grant:

• Ensure that you meet the eligibility criteria
• Provide clear and concise information in your application
• Include evidence to support your claims
• Submit your application early

Conclusion

The COVID-19 Recovery Grant is a valuable support measure for businesses in Singapore. This grant can help businesses to recover from the economic fallout of the pandemic and to implement recovery plans. If you are a business that has been impacted by COVID-19, we encourage you to apply for this grant.

Frequently Asked Questions

Q: What is the application deadline for the COVID-19 Recovery Grant?

A: The application deadline for the COVID-19 Recovery Grant is July 31, 2021.

Q: How will I know if my application is successful?

A: You will be notified of the outcome of your application within 2 weeks of submitting it.

Q: What can I use the grant money for?

A: The grant money can be used for a variety of purposes, including:

• Paying rent
• Paying salaries
• Purchasing inventory
• Marketing and advertising
• Implementing recovery plans

Q: What are the terms and conditions of the grant?

A: The terms and conditions of the grant are set out in the Grant Agreement that you will be required to sign if your application is successful.

Additional Resources

• COVID-19 Recovery Grant website
• Business Grants Portal
• Inland Revenue Authority of Singapore (IRAS)

Tables

Table 1: COVID-19 Recovery Grant Amounts

Table 2: COVID-19 Recovery Grant Eligibility Criteria

Table 3: COVID-19 Recovery Grant Application Process