For instance, restaurants are expecting and may already be experiencing as much as 80% drop in revenue.
Chin up though, because the Government is here to help those in need:
One-Time Cash Assistance of $500 Available for People With Immediate Need Due to COVID-19
Financial assistance for the unemployed and low-income workers will increase as the COVID-19 outbreak impacts businesses and employees in Singapore.
The Deputy Prime Minister and Finance Minister Heng Swee Keat said in Parliament on Thursday that, “the best way to safeguard the well-being of our people is by supporting them to stay employed.”
He assures worried Singaporeans that if workers lose their jobs or see their incomes fall, help will be rendered.
Those who have been financially affected by the coronavirus outbreak through losing their jobs or income will be able to apply for a one-time cash assistance of $500 from 1 April.
Under the Temporary Relief Fund, lower- to middle-income Singaporeans and permanent residents who are not on ComCare assistance will be able to get immediate financial assistance to help with basic living expenses.
Applications will open at all social service offices (SSOs) run by the Ministry of Social and Family Development (MSF) as well as all community centres from 1 April to 30 April.
“As the impact of COVID-19 on our economy deepens, some workers will lose their jobs or see their incomes significantly reduced. We will help them.”
If you have trouble finding a new job due to the coronavirus, you can also apply for the Covid-19 Support Grant, which will provide longer-term financial assistance and job support.
Unemployment Benefits (COVID-19 Support Grant)
For the period beginning May to September, low and middle-income workers who become unemployed can receive a grant of S$800 a month over three months as they look for a new job or undergo training under the COVID-19 Support Grant.
There are some minimum criteria for you to be eligible to get it.
For instance, those who are eligible must not have a per capita household income of S$3,100 a month or live in a property with an annual value of S$21,000 or more, among others.
Beneficiaries can apply at their nearest social service offices (SSOs).
Even the eligibility for the ComCare scheme, which is a government welfare programme that provides assistance to those who fall into financial hardship will be eased to ensure affected Singaporeans will receive aid.
A total of S$145 million will be set aside for the unemployment benefits.
That’s a lot of money.
The Care and Support package, originally valued at S$1.6 billion, will now cost about S$4.6 billion.
“Many Singaporeans are concerned about how they will pay their bills and household expenses if their livelihoods are affected during this uncertain period,” said Mr Heng.
But what if you didn’t lose your job and aren’t in need of money?
Firstly, count your blessings. Secondly, you’ll still receive something.
Cash Payout For All Adult Singaporeans
Cash payouts for all adult Singaporeans will now be tripled to a range of S$300 to S$900, depending on their income.
The additional cash payout given to each Singaporean parent with at least one Singaporean child aged 20 and younger will also be tripled from S$100 to S$300.
Singaporeans aged 50 and over who were set to get a S$100 top-up in their PAssion cards will receive the amount in their bank accounts instead, as to avoid the need to queue at top-up stations, said DPM Heng.
I’m sure that you’re wondering when you’ll get the payout… Unfortunately, you’ll have to hang tight.
These cash payouts will only be given to you between August and September this year.