THE additional RM10 billion allocation in the Prihatin Package for SMEs (Additional Measures) would help ease the financial burden of the Small and Medium-sized Enterprises (SMEs).
Prime Minister Tan Sri Muhyiddin Yassin announced on Monday the additional stimulus package would ensure two-thirds of the country’s workforce remain employed.
Among the additional measures taken is increasing the allocation for the wage subsidy program announced on March 27 to RM13.8 billion from RM5.9 billion, an additional of RM7.9 billion.
This assistance is for a period of three months and is restricted to employers registered with the Companies Commission of Malaysia (SSM), SOCSO or local authorities before Jan 1, 2020.
Bernama quoted Muhyiddin as saying some 4.8 million workers are expected to benefit from the initiative.
He also assured the government will continue to exercise prudent financial management to ensure the nation’s financial position remains strong and under control.
With the latest economic stimulus package, the Prihatin Rakyat Economic Stimulus Package is now worth a total of RM260 billion.
On March 27, the government announced an RM250 billion Prihatin Rakyat Economic Stimulus Package which includes additional funding of RM4.5 billion to assist SMEs including micro-entrepreneurs as well as increasing the size of All Economic Sector Facilities fund to RM6.8 billion.
Various feedback from the SMEs and small or micro-businesses sought government to reconsider the benefits they received in the stimulus package
In addition, money lending organisations registered under the Moneylenders Act 1951 are encouraged to provide a moratorium on SMEs instalment payments for six months effective April 2020, as what is provided by the bank.
“I hope money lending organisations are also sympathetic to the difficulties faced by the customers and help to ease their financial burden,” Muhyiddin said.
The Prime Minister also called on the rakyat to remain resilient and continue obeying the MCO.
“It is difficult, but certainly not impossible. Stay strong, stay healthy, InsyaAllah we will succeed. Remember, after the rain, comes the sun. And better days will be here again.”