The Singapore Government announced as part of Budget 2020 a slew
of measures that are expected to enhance existing schemes to
stabilise the economy amid uncertainties caused by Covid-19. Local
businesses and their employees have been particularly affected by
the slowdown. Sectors identified to have been worst hit are those
in tourism, aviation, retail and food services. While the first
stimulus package announced in February 2020 comprised of S$4
billion, additional support measures are currently being
contemplated by the Ministry of Finance and could be agreed on and
rolled out by 26 March 2020 in Parliament.
The Stabilisation and Support Package
The first stimulus package, the special Stabilisation and
Support Package is aimed at aiding companies with their cash flow
and helping workers remain employed.
