Singapore’s Budget 2022 will continue to support businesses and workers impacted by the pandemic, as the country continues her recovery.
Some S$500 million (US$372 million) has been allocated to the new Jobs and Business Support Package.
In support of SMEs, the government has released a new Small Business Recovery Grant of S$1,000 per local employee (up to 10 employees) in sectors most affected by Covid-19. This covers purpose-built business events venue operators, as well as business events and tourism organisers.
For the latter, organisers impacted by the deferment/cancellation/loss of sales of at least one business event with at least 20 per cent foreign attendees originally scheduled in Singapore between February 1, 2020, and December 31, 2020, can apply for the grant. Companies that derive two-thirds of their revenue from business events with at least 20 per cent foreign attendees in 2018 and 2019 may also apply.
The Singapore government will also be investing in new capabilities such as digital functions, where one of the key initiatives is to upgrade broadband infrastructure, as well as in future technologies such as 6G to improve broadband speeds. This will contribute to new possibilities for augmented and virtual reality tools in the events space.
About S$600 million will be set aside to expand the range of available solutions under the Productive Solutions Grant, and push for greater innovation of productivity solutions by SMEs over the next four years.
A total of S$35 billion of green bonds will also be issued by 2030 to fund public green infrastructure projects. Traditional sectors like aviation and tourism will see a “greening” take place over the next decade or so.
