3 in 4 firms seek a second support package

Defraying wage costs and tax rebates were the most sought-out subsidies.

Nearly three in four or 73% of businesses feel that a second stimulus package should be as large or greater than the $4b package announced in Budget 2020, according to a poll by the Singapore Business Federation (SBF).

Slightly more than half or 55% of respondents were hoping that it can be rolled out immediately or in a month’s time.

The most sought-out support were for defraying wage costs (21%), more tax rebates (17%) and support in the area of manpower (15%), but businesses were also looking for help with managing cash flow (13%) and rental costs (11%).

The poll was conducted during the federation’s Budget 2020 webinar. Of the 188 respondents, 69% were small and medium-sized enterprises (SMEs).

Over four in five or 86% said that their business is ready to ride out the current situation for at least six months, with the rest expecting to hold out for at least three months. However, 87% expect the situation to moderately impact their plans to transform and internationalise.