Laws passed to save SMEs; now cut the red tape, as execution is key

NOW that the government has expedited the passing of laws and a slew of measures to help businesses survive the Covid-19 pandemic, execution is key. Otherwise, the very survival of many small- and medium-sized enterprises (SMEs) could be at stake.

To date, the government has increased its risk share of loans to 90 per cent, up from 80 per cent, for borrowings initiated under the Temporary Bridging Loan Programme, the SME Working Capital Loan scheme, and the Enterprise Financing Scheme from April 8 this year to March 31, 2021. It has also granted one-month rental waivers for industrial, office and agricultural tenants of government agencies, as well as waived the foreign worker levy due in April, among others.

Now, the proof is in the pudding.