KUALA LUMPUR (March 27): The federal government’s RM250 billion economic stimulus package to revive the domestic economy did not leave the micro business owners and hawkers behind. 

For a married couple operating a hawker stall, with household earnings below RM4,000 per month, they will receive a one-off payment of RM1,600 by May, on top of the RM600 Cost of Living Aid that is due in July.

On top of that, the married couple, who have to shut down during the movement control order period, do not have to worry about paying their mortgage and car loan for six months. The banks are granting six-month automatic moratorium starting April 1, for all loan payments. And now, the moratorium is also applicable to loans from TEKUN, MARA and all cooperatives and government agencies. 

They also enjoy a discount up to 50% on their home electricity bill for six months. 

If unfortunately the couple lost their source of income, the government will introduce a social financing programme that will be channelled as start-up capital using zakat funds. Those eligible will receive business and financial management training, as well as the support to develop the business of choice. 

For businesses that operate in government facilities, for instance school canteens, the government has allowed a six-month rent free period from April to September.

For small businesses that have been in operation for six months, Bank Simpanan Nasional micro credit scheme is now available for up to RM75,000, with 2% interest and no collateral.

Businesses that have been in operation for under four years can tap into Credit Guarantee Corp’s BizMula-i and BizWanita-i schemes for funding of up to RM300,000. 

For those with difficulty obtaining funding, Syarikat Jaminan Pembiayaan Perniagaan will guarantee coverage of up to 80% as part of its Government Guarantee Schemes. 

In view of the possible tight cash flow that many businesses are expected to be facing, the government allows deferment of income tax payment for three months for all small medium enterprises (SMEs) from April 1.

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