SMEs, THIS IS JUST FOR YOU

Prime minister @MuhyiddinYassin announced an additional RM10 billion stimulus package specially for Small and Medium Enterprises (SMEs)

Here's a thread of the summary:

#covid19 #mco #stimuluspackage #sme

1) Increased wage subsidy

Companies that benefit from this subsidy need to retain their employees for 6 months (3 months during the subsidy period and another 3 months after that)
Maximum number of people increased from 100 to 200 employees

Only employees with less than RM4,000 monthly salary are eligible for this subsidy

2) Special PRIHATIN Grant

Total of RM2.1 billion available to all micro SMEs
RM3,000 for each SME and 700,000 of them will benefit from this
Interested SMEs to register themselves with @LHDNMofficial

3) Micro credit scheme interest rate abolished

The scheme has been extended to TEKUN Nasional with a maximum amount of RM10,000 for each micro SME
A total of RM200 million has been allocated

4) GLC landlords to exempt/discount rental

These Government-Linked Companies include MARA, Petronas, PNB, PLUS, UDA and other GLCs as well

5) Tax break for private landlords reducing rent

To be eligible for such tax break, landlords have to reduce at leas 30% of the rent

6) Levy for foreign workers reduced by 25%

However, this is not applicable to domestic workers

7) Moratorium for SMEs to submit statutory documents to SSM

The 30-day moratorium will be automatic

8) Deadline extended for submitting financial statements

Deadline extended for 3 months
Only applicable to SMEs with financial years ending September 30 to December 31, 2019
Need to apply such extension from Suruhanjaya Syarikat Malaysia (SSM)
No late fees imposed

Retweet this thread if you know anyone who would benefit from this!

Stay safe, stay strong and stay at least 1 meter away from each other