As part of the Singapore Resilience Budget announced on 26 March 2020, IMDA is calling on Singapore Businesses to Stay Healthy and take advantage of the downtime to Go Digital.
A number of measures have been launched to help businesses stay competitive and addresses challenges faced by COVID 19. The measures rolled out by IMDA jointly with Enterprise Singapore as per below enhancements and funding:
Enhancing SMES Go Digital Programme
Firstly, is by expanding the scope of pre-approved digital solutions under PSG for the period 1 April 2020 to 31 December 2020 to implement safe distancing and business continuity measures. The support level under PSG grant will be increased from 70 to 80% to encourage more businesses to adopt digital solutions such as ABSS Accounting software. The expanded scope of PSG supported solutions now cover online collaboration tools such as office 365, virtual meeting and telephone tools such as zoom, queue management systems and temperature screening solutions.
Secondly, companies can enjoy up to 80% for advanced digital solutions to deepen their capabilities. Some examples of these advanced digital solutions are sector and enterprise based such as advanced security and facilities management systems for buildings and also Integrated Business-to-Business (B2B) systems to facilitate end-to-end transactions between buyers and sellers. More details will be mentioned at a later date.
E-Invoicing registration grant
The funding support for the E-invoicing registration grant will be available from 1 May to 31 December 2020. IMDA will set aside 10 million to spearhead this grant to encourage companies to go on board E-invoicing platforms to eliminate paper invoicing and improve operational efficiency.
For businesses to qualify for the grant of $200, they need to register on the Nationwide E-invoicing network by 31 December 2020. Upon registration, they will be able to send and receive e- invoices through the E-invoicing network. The businesses will receive the grant by PayNow.
