MOGSC's Update on the Movement Control Order #6 - Prihatin SME+

 

Dear MOGSC Members,

On Monday, 6th April 2020, YAB Prime Minister of Malaysia announced the Additional Prihatin SME Economic Stimulus Package (Prihatin SME+) to assist SME companies affected by the COVID-19 pandemic. This Prihatin SME+ is in addition to the RM250 billion Economic Stimulus Package Prihatin Rakyat which was announced on 27th March 2020, following feedback the government received from associations and chambers of commerce representing SMEs.

The government realises that SMEs are a key driver of the country's economy, contributing more than 2/3 (67%) of total employment in the country and almost 40% to the economy. This additional package, valued at RM10 billion, hopes to ease the financial burden of SMEs and subsequently assure 2/3 of the workforce will remain employed.

Among the additional measures that would assist MOGSC SME Members:
1. Wage subsidy programme - increased by RM7.9 billion to a total of RM13.8 billion
2. Money Lenders are urged to provide moratoriums to SMEs for loan repayments
3. Reduced levy on foreign workers by 25%
4. Automatic 30-day moratorium from the date MCO ends for companies to submit the statutory documents to SSM and a 3-month extension for the submission of financial statements

A portal managed by the Credit Guarantee Corporation (CGC) in collaboration with Bank Negara Malaysia - IMSME.COM.MY, has been established to support the execution of the PRIHATIN initiatives. SMEs are able to apply for loans and have financing advisory services by myKNP through the IMSME portal.

"To my fellow Malaysians, let us remember that we are inherently resilient, individually capable and collectively strong to face these uncertain times. Let us strengthen our resolve and stay committed to our fight against Covid-19. Let us stay the course and follow all orders made under 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."
 - YAB Tan Sri Muhyiddin Bin Haji Mohd Yassin, Prime Minister of Malaysia

Take Care and Stay Safe.

Prihatin SME+ Speech, Infographic and Video

 

BNM Financing Facilities

 

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