RM 110 billion Package – a step in the right direction

RM 110 billion Package – a step in the right direction

Kudos to YAB PM and we welcome the RM 10 billion PKS stimulus package and the various improvements and tweaking to the earlier announcement of RM 100 billion.

The government has been very forthcoming and transparent in the way they have approached this. The stratified wage subsidy from RM 600 to 1,200 increases the wage subsidy itself to RM 13.8 billion. The benefit also extended to the Foreign Worker by reducing levy by 25% will ease cash flow positions.

Further increasing the coverage on the majority (76.5%) of the SMEs is the RM 3,000 grant and the interest free (0%) microfinancing programs between BSN and TEKUN Nasional gives a huge breather for the largest segment of the SME community.

The government has also been very proactive in enabling a single window of application for SRF applications thru the IMSME portal and activating the implementation dashboard of LAKSANA under MOF to monitor and rack the PRIHATIN stimulus package roll out.

The incentives to landlords as taxation benefit, moratorium for SSM documentations and other measures in the earlier announcements are step in the right direction.

We as the business community sincerely hope that the financial institutions and the business community use the SRF I its original intended spirit – which is to help alleviate the short-term cash flow problems faced by SMEs affected by the COVID-19 outbreak.

Overall – well done to YAB prime Minister, YB  Dato Sri Tengku Zafrul –  Minister of Finance, YB Dato Sri Mustapha Mohamad – Economic Minister and the Economic Action Council. We are with you and the nation to overcome this together.

Mr Shahul Dawood is the Secretary General for Business Sustainability Taskforce-Covid#19 Secretariat