Global guide: Measures adopted to support businesses through the Covid-19 Crisis: Singapore

• Main Author: Aurelio GURREA-MARTINEZ
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2020
• Subjects: Government policy; Covid-19; pandemics; fiscal stimulus; legal reforms; economic reforms; Singapore; Asian Studies; Bankruptcy Law; Commercial Law; Public Affairs, Public Policy and Public Administration; Public Health
• Online Access: https://ink.library.smu.edu.sg/sol_research/3684; https://ink.library.smu.edu.sg/context/sol_research/article/5642/viewcontent/singapore_v2_final_INSOLWB_pvoa.pdf
• Institution: Singapore Management University

After the outbreak of the coronavirus (COVID-19), the Singapore Government responded with a quick and comprehensive package of legal, economic and financial measures that sought to put the economy into hibernation and avoid the destruction of jobs and viable businesses, at least while companies were unable to generate revenues and cash-flows due to a variety of factors, including travel restrictions and lockdowns imposed in many countries around the world. To that end, the Government spent SGD$97.3 billion (that is, around 20% of the country’s GDP) to support businesses, households and employees. Most of this financial support was given in the form of wage subsidies, cash pay-outs and government-supported loans. Additionally, it also enacted the COVID-19 (Temporary Measures) Act 2020. This legislation sought to provide breathing space to debtors by temporarily changing certain rules governing contracts and insolvency proceedings.