Budget 2022
Budget 2022
Minister for Finance, Mr Lawrence Wong, delivered Singapore’s FY2022 Budget Statement on Friday, 18 February 2022 at 3.30pm in Parliament.
Find out which schemes you may be eligible for, and how you can apply for them in the links below.
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Download the Budget 2022 Business Booklet.
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Download the Budget 2022 - Budget Navigator (for Businesses).
Visit the MOF website for more information on Budget 2022.
List of Government Assistance related schemes:
Grants
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Businesses that have adopted digital solutions, can deepen their digital capabilities to build longer term resilience with up to 80% funding support, through the Advanced Digital Solutions (ADS) initiative.
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SMEs that are ready to sell overseas can receive funding support when they participate in pre-approved Business-to-Business (B2B) and Business-to-Consumer (B2C) e-commerce platforms with global or regional reach.
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The Jobs Growth Incentive (JGI) was announced on 17 Aug 2020 to encourage employers to accelerate their hiring of local workforce by providing wage support, so as to create good and long-term jobs for locals.
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The PSG supports businesses in the adoption of productivity solutions. Businesses can choose from a list of pre-scoped solutions and receive up to 70% funding support for eligible costs.
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Provides transitional support to employers for Progressive Wages moves, by co-funding wage increases of lower-wage workers between 2022 and 2026.
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One-off cash support to small businesses in sectors that were most affected by COVID-19 Safe Management Measures.
Each eligible firm will receive $1,000 for each local employee receiving mandatory CPF contributions in the period of 1 November 2021 to 31 December 2021, subject to a cap of $10,000 per firm. For sole proprietorships and partnerships that are run by at least one local business owner but do not hire any local employees, the firm will receive a flat payout of $1,000.
Loans
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Extension of support for domestic projects for construction sector from 1 April 2022 to 31 March 2023.
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Extension of enhanced support for trade financing needs from 1 April 2022 to 30 September 2022, to ease enterprises’ access to credit to mitigate short-term cashflow pressures.
Enhanced support for enterprises trading in challenged markets to encourage internationalisation.
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Supports enterprises’ M&A financing needs, including for domestic M&A deals from 1 April 2022 to 31 March 2026, to encourage restructuring and consolidation post-COVID.
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The TBLP provides access to working capital for business needs, at a maximum loan quantum of S$3 million with 70% Government risk-share on loans for new applications initiated from 1 April 2020 - 30 September 2022.
Toolkits / Programmes
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Partners SMEs to undertake innovation projects, providing a suite of services including R&D, business consultancy services, training courses, and product and process development.
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TeSA is a tripartite initiative between the Government, industry, and the National Trades Union Congress (NTUC), to build and develop a skilled Information and Communications Technology (ICT) workforce for the Singapore economy, and to enhance employability outcomes for individuals. The key programmes for companies and individuals are supported by IMDA, SSG, and WSG.
Find relevant schemes for your businesses
Simply answer a few questions about your business needs to get our recommendations from our e-Adviser for Government Assistance, now updated with the latest Budget 2022 support schemes and programmes.
Go to e-Adviser for Government Assistance
