C VID MORATORIUM UPDATE - Singapore - November 2020 - Rubix
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C VID MORATORIUM UPDATE - Singapore Copyright © 2020 Rubix Data Sciences Pvt.Ltd. All rights reserved. November 2020
S. No. Country Singapore
Measures Implemented -
1 Use of electronic means
Company Filings
ACRA, the Monetary Authority of Singapore (MAS) and Singapore
Exchange Regulation (SGX RegCo) has encouraged companies to
conduct their general meetings held on or before 30 June 2021 via
Action taken as part electronic means. All documents relating to the business of the
of the Measure general meeting must be published on SGXNET and, if available,
the issuer’s corporate website, and published together with the
notice of general meeting.
Targeted audience
Businesses
(e.g. Consumers/ Business/other)
Permanence of Measures Temporary
(e.g. Temporary or Permanent) - Start Date: April 13 2020, updated guidance on Sept 23 2020
Start Date / End date End Date: 30 June 2021
https://www.sgx.com/media-centre/20201001-guidance-conduct-
general-meetings-amid-evolving-covid-19-situation
Source / Link
https://www.acra.gov.sg/announcements/acra's-support-
measures-and-guidance-for-businesses-during-covid-19
1
Measures Implemented -
2 Deferment of Payments
Payment / Loan Repayments
The Monetary Authority of Singapore (MAS) has extended its support
measures for various groups of borrowers, including allowing those
with property loans to apply to temporarily reduce their monthly
instalment payments, individuals and small- and medium-sized
enterprises (SMEs) with cash flow difficulties into 2021. The reliefs
are also available to those who have not applied to defer payments
previously, but are now facing cash flow challenges.
Action taken as part The Extended Support Scheme - Standardised will allow businesses
of the Measure in sectors most affected by the Covid-19 pandemic to defer 80 per
cent of principal payments until June 30, 2021. This applies to SMEs
in the following sectors: aviation and aerospace, tourism, hospitality,
conventions and exhibitions, built environment, licensed food shops
and food stalls, qualifying retail outlets, arts and entertainment,
marine and offshore, as well as land transport.
Firms in other sectors can apply to defer 80 per cent of principal
payments until March 31, 2021.
Targeted audience
Individuals, Businesses
(e.g. Consumers/ Business/other)
Permanence of Measures Temporary
(e.g. Temporary or Permanent) - Start Date: April 30, 2020
Start Date / End date End Date: 2021
2
https://www.straitstimes.com/business/loan-repayment-relief-
measures-for-individuals-smes-extended-into-2021-mas
https://www.channelnewsasia.com/news/singapore/covid-19-mas-
Source / Link extends-financial-relief-measures-borrowers-13202850
https://www.mas.gov.sg/news/media-releases/2020/mas-and-
financial-industry-provide-additional-support-for-individuals
3
Measures Implemented - Temporary relief measures ended, however,
3
Insolvency simplified Insolvency Programme in the works
The monetary threshold for bankruptcy applications was raised
from $15,000 to $60,000. The monetary threshold for winding up
applications was raised from $10,000 to $100,000. The statutory
period for debtors to respond to a statutory demand was extended
from 21 days to 6 months. This temporary relief measure provided
by the Singapore government ended on 19 October 2020.
Action taken as part MinLaw is working on a Simplified Insolvency Programme to
of the Measure assist micro and small companies that need to restructure or wind
down their businesses in a simpler, faster, and lower cost manner.
To complement this, a new scheme, by Credit Counselling Singapore
and supporting partners in the financial industry, to help sole
proprietors and partnerships in financial distress to restructure their
business debts will also be launched soon. The bill has been read for
the first time in the Singapore Parliament. A second reading of the bill
is scheduled for the next sitting of Parliament.
Targeted audience
Businesses & Individuals
(e.g. Consumers/ Business/other)
Permanence of Measures Temporary
(e.g. Temporary or Permanent) - Start Date: July 30, 2020
Start Date / End date End Date: October 19, 2020
4https://www.mlaw.gov.sg/news/press-releases/extension-of-
relief-periods-under-the-covid-19-temporary-measures-act-for-
specified-categories-of-contracts
https://www.mlaw.gov.sg/news/press-releases/simplified-
Source / Link insolvency-programme
https://www.lexology.com/library/detail.aspx?
g=4fc84166-5862-4e17-b7ed-a83265b133fa
5Measures Implemented - Singapore has total pledged pandemic
4
Fiscal Stimulus aid of almost S$100 billion
The authorities have announced several packages of fiscal support
measures amounting to about S$100 billion. This includes:
— Support to households includes a cash payout to all
Singaporeans, additional payments for lower-income individuals
and the unemployed.
— Support to businesses includes wage subsidies (extended
through March 2021, with levels of support depending on the
sector), support to cover rental costs, an enhancement of
financing schemes.
Action taken as part
of the Measure — Additional support for the self-employed and industries most
directly affected (aviation, tourism, construction, transportation,
arts and culture).
The authorities have increased their contingencies funds for
unforeseen expenditure needs and also set aside loan capital of
S$20 billion to help businesses and individuals facing cash flow
challenges with loan obligations and insurance premium payments.
Other economic resilience measures include support to R&D
investment, a national stockpile of health supplies, and a program on
food resilience.
Targeted audience
Individuals, Corporates, Businesses
(e.g. Consumers/ Business/other)
6Permanence of Measures Temporary
(e.g. Temporary or Permanent) - Start Date -February 18, 2020
Start Date / End date End Date - March 2021
https://www.imf.org/en/Topics/imf-and-covid19/Policy-
Responses-to-COVID-19#S
Source / Link
https://www.bloomberg.com/news/articles/2020-08-17/singapore-
extends-aid-as-global-economy-still-very-weak
7Measures Implemented - MAS SGD Term Facility aimed at strengthening
5 banking sector resilience and supporting
Monetary Stimulus
credit intermediation
A new MAS SGD Term Facility is introduced to provide banks and
finance companies an additional channel to borrow SGD funds at
longer tenors and with more forms of collateral. While banks and
finance companies in Singapore maintain healthy liquidity buffers,
MAS has introduced this Facility pre-emptively to provide greater
certainty of access to central bank liquidity. This will help to contain
any liquidity strains before they pose a serious challenge.
Action taken as part The new Facility will offer SGD funds in the 1-month and 3-month
of the Measure tenors, complementing the existing overnight MAS Standing Facility.
A wider range of collateral comprising cash and marketable securities
in SGD and major currencies will be accepted. Pricing will be set
above prevailing market rates, in line with the Facility’s objective to
serve as a liquidity backstop.
Domestic systemically important banks (D-SIBs)that are incorporated
in Singapore will be able to pledge eligible residential property loans
as collateral at the MAS SGD Term Facility.
Targeted audience
Financial Institutions
(e.g. Consumers/ Business/other)
Permanence of Measures
Permanent
(e.g. Temporary or Permanent) - Start Date: September 28, 2020
Start Date / End date
8https://www.mas.gov.sg/news/media-releases/2020/mas-enhances-
access-to-liquidity-facilities-to-strengthen-banking-sector-resilience
Source / Link
https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-
COVID-19#S
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