DPM Heng Swee Keat announced in the Fortitude Budget a cash grant to help offset the rental costs for SME tenants.
The grant which will cost about S$2 billion, will be disbursed automatically to property owners from end-July.
The Minister for Law will also introduce a new Bill next week that will mandate that landlords contribute by granting a rental waiver to SME tenants who have suffered a significant revenue drop in the past few months.
Rental Relief For Gov’t Tenants
In addition, the government will be offering two more months of rental waivers for commercial tenants and hawkers.
Industrial, office and agricultural tenants of government agencies will be provided one more month of rental waiver, for a total of two months of rental waiver.