Self employed? Here’s what you can really get from the Resilience Budget

Resilience Budget For Self Employed

If you’ve been following the news over the last few weeks, you would know that the Singapore government has been giving out lots of subsidies to help citizens get through this trying season. Since these plans have been rolled out over a short period of time, many are wondering just how they can apply for these subsidies, especially the self employed.

Here, we’ll be discussing some of the subsidies that the self-employed will be getting and the eligibility criteria.

Solidarity Payment – $600

You should have received the solidarity payment. If you haven’t it could be because you didn’t submit your bank account details. First payment has already been rolled out (14 April) for those who have already submitted their bank account details. If you’ve submitted your details late and have yet to receive payment, fret not! From 30 April onwards, cheques will be issued and you will find it in your mailbox.

Temporary Relief Fund (TRF)  — $500

Has your income been affected significantly by Covid-19? If so, you can apply for the TRF. To be eligible for the TRF, you’ll need to show that you’ve lost at least 30% of your income due to the Covid-19 pandemic.

You don’t need to submit many documents to be eligible for the TRF. All you need to do is to ensure you have your Singpass log in, fill up this application form, and send in 2 documents – income you’ve received before Covid-19 and income you’ve received after.

Self-Employed Person Income Relief Scheme — $9000

Under this scheme, self-employed persons will get $9000, paid in 3 payments — in May, August, and November. $3000 will be payed in each payment period.

This is a little more complicated than the previous subsidies, though, as not every single self employed person would benefit from this scheme. Here are some of the eligibility requirements:

  • Singapore Citizen
  • Started work as an SEP on or before 25 March 2020;
  • Do not earn income as an employee; OR earns less than $2300 as an employee
  • Earn a Net Trade Income of no more than $100,000;
  • Live in a property with an annual value of no more than $21,000
  • Do not own two or more properties.

Those who fulfil these criteria and are above 37 years of age will automatically be enrolled. If you’re younger than 37, you’d have to prepare some necessary documents and apply for the SIRS.

Not sure if you’re automatically enrolled? You can use this checker to find out and learn about the necessary documents you need to prepared.

Due to Covid-19, many self employed persons and freelancers have been badly hit. The benefits can help you shoulder part of the burden to tide you through this period. However, if you’re keen on looking for a job, you can also consider taking up some part time jobs that are open during this period of time. Read this article to learn more.

Meanwhile, stay home and stay safe!

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