Singapore's 2020 Budget: How Does it Affect Hawker Centres, Restaurants and Singapore's F&B Industry?
How much money can your F&B business get from Singapore's 2020 budget?
Contents
- Which Industries Have Been Hit Hardest by the Coronavirus
- What is the Singaporean Government Promising in the 2020 Budget
- How Badly has COVID-19 Affected Restaurants in Singapore
- CBD
- Tanjong Pagar:
- Cecil Street
- How Badly has COVID-19 Hit Singapore Hawker Stall Businesses
- Amoy Street Food Centre:
- Tekka Market
- Hong Lim Food Centre
- Haig Road Food Centre
- 2020 Budget and Singapore Hawker Centres
- 2020 Budget and Singapore Restaurant Businesses
- Eligible businesses must meet the following three guidelines as per the Singapore Government's own website
- 2020 Budget and Singapore F&B Employee Retention
- 2020 Additional Finance Options for Singaporean F&B Businesses
- Moving Forward
Which Industries Have Been Hit Hardest by the Coronavirus?
In just about every country affected by the new COVID-19 virus, many industries have been hard-hit. Reasons for this range from home office schemes by companies, social distancing (including ban on large gatherings), mandatory self-isolation and the closing of borders. In Singapore, a prominent example of a hard-hit industry is F&B. This was most noticeable after the "Singapore Government moved the DORSCON status to Orange" to try to limit the spread of the virus.
What is the Singaporean Government Promising in the 2020 Budget?
How Badly has COVID-19 Affected Restaurants in Singapore?
CBD:
Tanjong Pagar:
Cecil Street:
How Badly has COVID-19 Hit Singapore Hawker Stall Businesses?
Amoy Street Food Centre:
Tekka Market:
Haig Road Food Centre:
2020 Budget and Singapore Hawker Centres
2020 Budget and Singapore Restaurant Businesses
Eligible businesses must meet the following three guidelines as per the Singapore Government's own website:
2020 Budget and Singapore F&B Employee Retention
In order to help Singapore businesses, including those in the F&B sector, retain their employees, the government has set up the Jobs Support Scheme. This scheme is applicable to any business that employs Singaporean citizens and PRs. Those who apply will receive "an 8% cash grant on the gross monthly wages of each local employee for the months of October 2019 to December 2019, subject to a monthly wage cap of $3,600 per employee." Anyone who is eligible for this scheme will automatically receive the "JSS payment from the Inland Revenue Authority of Singapore (IRAS) by 31 July 2020."2020 Additional Finance Options for Singaporean F&B Businesses
Moving Forward
There are several options available to aid F&B businesses during these tough times thanks to Singapore's 2020 budget. Check whether your business is eligible for any of the above financial aid measures or rent reductions and take advantage of them as soon as possible. The Restaurant Association of Singapore is also in talks with shopping mall landlords for "a rental rebate" that could help F&B businesses even further. Already, Jewel Changi Airport has "offered its tenants a 50 per cent rental rebate for February and March."