SINGAPORE – More than 40,000 tenants and owner-occupiers will receive payouts worth over $470 million from Friday (Nov 26) in a move to support businesses with rental costs incurred during the almost two-month long stabilisation phase that ended on Sunday (Nov 21).
This is the third Rental Support Scheme (RSS) payout, which will be equivalent to a month of rent for the period from Sept 27 to Nov 21. It was announced on Oct 20 by Finance Minister Lawrence Wong.
The rental relief is offered to small- and medium-sized enterprises, as well as eligible non-profit organisations with an annual revenue not exceeding $100 million, which are tenants or owner-occupiers of qualifying commercial properties.
In a joint release, the Ministry of Finance and the Inland Revenue Authority of Singapore (Iras) said on Monday (Nov 22) that rental support will be provided directly to tenants without going through the landlords, as with the first and second RSS payouts disbursed in August and September.
“This has allowed tenants to receive the RSS payouts from the Government promptly,” the statement said.
In total, the three RSS payouts amount to more than $900 million in direct support of businesses’ rental costs.
Those eligible to receive the funds and who have PayNow or existing Giro arrangements with Iras can expect to receive the RSS cash payout from Friday.
Those without such arrangements will receive cheques by Dec 10.
The two agencies also said that the cash payout will be disbursed automatically to tenants and owner-occupiers who had received the second payout.
Those who were not eligible for the second payout but are eligible for the third can submit an application to Iras. Applications will open on Dec 10 and close on Jan 21 next year.