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Prihatin Economic Stimulus Disbursement and the Special Relief Fund for SMEs

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As of 14 April, the Malaysian Finance Ministry has disbursed RM8.6 billion, equivalent to 25% of the total amount, was allocated for ministries and relevant enforcement agencies under the package. This amount accounts for about a quarter of the government’s additional expenditure, totalling RM35 billion under the RM260 billion stimulus.

Over six million people have received funds and one-off payments from the stimulus package. Finance Minister Tengku Zafrul said an additional 2.77 million new applications had also been received.

Approval of Special Relief Fund (SRF) for SMEs

Malaysian Finance Minister Tengku Zafrul said that RM1.48 billion in the Special Relief Fund (SRF) for small and medium enterprises (SMEs) under Bank Negara Malaysia had been approved as of 12 April.

As of 14 April, 2,958 SMEs had benefited from this package. The central bank announced that it had allocated RM5 billion, with a financing rate of 3.5% per annum and 5.5 years maximum tenure, to help manage the short-term cash flow issues faced by business owners adversely affected by the COVID-19 outbreak.

Wage Subsidy for SMEs

On 6 April, Prime Minister Tan Sri Muhyiddin Yassin said the wage subsidy programme had been expanded to RM13.8 billion from RM5.9 billion previously.

The government had received applications from 31,000 employers for 299,000 employees, involving an estimated allocation of RM307 million. According to official reports, 98% of the applications were made by SMEs with 75 or less employees.


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Call +60 16-299 1366 to find out more.

Source:
New Straits Times

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