72% of small businesses are satisfied with government efforts

Amongst ASEAN markets, Singapore is the most pleased with the relief efforts.

Close to three in four, or 72%, of small businesses in Singapore stated that they are satisfied with the government’s relief efforts amidst COVID-19, according to a survey conducted by United Overseas Bank (UOB), Accenture and Dun & Bradstreet.

This figure shows that amongst ASEAN peers, Singapore is the most pleased, outpacing Vietnamese small businesses at 68%. Following these two markets are Malaysia (61%), Thailand (47%) and Indonesia (45%).

Given that one in two small businesses across ASEAN are facing cash flow challenges (48%), the majority of respondents indicated a preference for cash flow-related support from their governments.

In Singapore, small businesses felt that wage assistance was the most important government measure (48%) to help them tide over the COVID-19 situation. Next on their list was support for business transformation initiatives (44%), followed by loan assistance (36%). Within ASEAN, small businesses preferred measures that deferred the payment of income tax (50%) and provided loan (46%) and wage assistance (36%).