Productivity Solutions Grant (PSG)The PSG is introduced to accelerate the adoption of pre-approved technology by businesses. That doesn’t mean you have to get avant-garde levels of tech to qualify. PSG covers both sector-specific IT solutions and generic IT solutions such as customer management, data analytics, online meeting tools and more.
The Supplementary Budget 2020 announced that up to 80% (as opposed to 70% previously) of costs for pre-approved IT solutions and equipment will be supported, with every eligible company being subjected to an annual grant cap of S$30,000 starting on 1 April and ending on 31 March the following year.
Is My Business Eligible for PSG?Companies can apply for PSG if:
What is the Application Process for PSG?
Enterprise Development Grant (EDG)
While PSG aims to get businesses to embrace tech, EDG helps Singaporean companies build capabilities in 3 main areas:
SMEs can get up to 80% of qualifying projects costs funded including third party consultancy fees, software and equipment, and costs of internal manpower. Non-SMEs are entitled to the grant too, but they’re only entitled to funding of up to 60%. Companies in sectors that were hit exceptionally hard by the COVID-19 pandemic may be eligible to have qualifying projects funded up to 90%, although this is on a case-by-case basis.
Do take note that standalone training courses, incentives, benefits and welfare subsidies for employees are not covered under EDG.
Is My Business Eligible for EDG?Companies can apply for EDG if:
What is the Application Process for EDG?
SkillsFuture Enterprise Credit (SFEC)For employers that are keen on further developing their staff, the SFEC is just the scheme for them. Eligible employers will receive a one-off S$10,000 credit to cover for up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.
SFEC is always tacked onto a base program like PSG, and can currently be used for 2 categories of programmes:
Am I (Employer) Eligible for SFEC?In the following qualifying periods:
Employers must have:
Qualified employers will be notified in writing.
Digital Resilience Bonus (DRB)
For now, DRB is open to companies in the Retail and Food Services sectors to help them adapt to new post-COVID norms. These companies that integrate certain technologies can receive bonus payments of up to S$10,000.
The long term goal of the introduction of DRB is to uplift the digital capabilities of a broad base of enterprises for a boost in their competitiveness and productivity. For example, e-payment and e-invoicing enables businesses to conduct paperless and cashless transactions, thus reducing contact and physical interaction. Account and HR/payroll solutions increase efficiency and productivity of a business, and allows for remote working on top of that.
Is My Business Eligible for DRB?Mandatory Baseline:
What is the Application Process for DRB?You don’t have to make any submissions, if you are using solutions from any pre-approved vendor between 1 June 2020 and 30 June 2021, they will help you submit your UEN to IMDA.