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More than three million people worldwide have been infected with COVID-19 and the number of confirmed cases in Singapore have crossed the 20,000 mark as at the beginning of May 2020. The circuit-breaker period has been extended to 1 June 2020 and tighter circuit breaker measures such as closing of more workplaces were also implemented to curb the spread.
As the impact of COVID-19 is felt across Singapore, we understand that you may have concerns about how it could affect your business and accessibility to our business banking services.
The Covid-19 Risks Outlook report issued by the World Economic Forum (WEF) highlighted the key concerns by top risk professionals as prolonged recession, job losses, protectionism and another outbreak of infectious diseases. It also reported that cyber-attacks, data fraud, the breakdown of IT infrastructure, geopolitical disruptions and tighter curbs on the movement of people and goods are keeping senior leaders up at night.
Government to Continue Support Measures to Protect Livelihoods and Stabilise Businesses During Extended Circuit Breaker Period
Commentary by: Loh Eng Kiat, Partner & Practice Leader, Tax 
“…Many will be disappointed by the extension of the circuit breaker, especially our business and workers, who are hurting greatly…” – PM Lee Hsien Loong, on 21 April 2020.
Fortunately, at least one group of persons can find some joy associated with today’s announcements, due to the fact that wages of qualifying ‘shareholder- directors’ will now also be Government-subsidised under the JSS to the tune of 75% (on the first $4,600 of gross monthly wages) for the relevant months, alongside those of other local employees.
The benchmark to determine qualification for this, is set with reference to whether the individual had Assessable Income of $100,000 or less for Year of Assessment 2019 – this is fair and simple to administer. The May 2020 JSS payout will also include a back-payment component to cater for qualifying shareholder-directors whose wages were initially excluded from the first JSS payout.
More details, including the continuing support measures during Extended Circuit Breaker Period here:
https://www.iras.gov.sg/irashome/News-and-Events/Newsroom/Media-Releases-and-Speeches/Media-Releases/2020/Government-to-Continue-Support-Measures-to-Protect-Livelihoods-and-Stabilise-Businesses-During-Extended-Circuit-Breaker-Period/
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