Hello Grasshoppa,
This marks our 3rd extension of our MCO which started on 18th March 2020. The current world situation is getting worse as the numbers of infected cases increase day by day. As of my writing, our country has average of 100 cases daily but on the bright side, everything seems under control. Our country is doing a good job in managing this pandemic & hopefully all of us are complying to the MCO rules. Never in my life have I ever expected to be in this situation but it is beyond our control. So let’s just focus on things that we can control which are our thoughts & actions.
When our Prime Minister announced his first Prihatin Economic Stimulus Plan, many Malaysians were pleased with it but there are also feedback from business owners & SMEs that they are not benefiting from it. This resulted to an additional plan called Prihatin Plus.
How Can SMEs Benefit From Prihatin Plus Economic Stimulus Package?
Wage Subsidy Program for 3 Months (Salary Below RM4,000)
Less Than 75 Employees : RM1200/month per employee
75-200 Employees : RM800/month per employee
>200 Employees : RM600/month per employee
*Employers are able to benefit from this as long as they agree to keep their employees within the next 6 months (3 months of subsidy period & 3 months after)
Special Prihatin Grant
RM3,000 grant will be provided to micro SMEs that are registered with LHDN. List of eligibility will be provided by SSM or local authorities.
Micro Credit Scheme
0% interest loan to be provided by Bank Simpanan National (BSN) & TEKUN National. You can choose either one.
Waived or Discounted Rental for SMEs
This applies to SMEs that are operating on premises owned by Government-Linked Companies (GLC). I hope that private business owners can provide free or discounted rental to their tenant as well since they are getting deferment from banks on their loan repayment. Tax deduction will also be given from April to June with conditions that business owners give at least a 30% discount from their original rental rate.
Reduced Levy On Foreign Workers By 25%
This applies to foreign workers with work permits that will expire between April to December 2020. However, this is not applicable to domestic help sector.
Government is also encouraging communication between employers & employees on possible pay reduction or unpaid leave during this period.
Conclusion :
At a time like this, we can see the efforts by the government in trying to help Malaysians to ensure that everyone is able to survive. With such initiatives from the government, hopefully business owners can do their part to ensure that their employees are protected as well. Time is tough but always remember that your employees have stayed with you over the years through good & bad times. Hopefully they are able to get your support during this period as well.
This fight against Covid-19 is not your fight alone but our fight together. Lets do our part to survive this period and remember, we are all in this together & we will definitely be able to win this battle.
You can also read my previous posts on :
How Much Money B40, M40 & T20 Can Potentially Receive From Covid-19 Economic Stimulus Package
How Can Malaysians Benefit From Covid-19 Economic Stimulus Package
OSS!
