The following are the key takeaways from the PEMERKASA+ aid package announced by Prime Minister Tan Sri Muhyiddin Yassin.
Government reveals RM40 billion PEMERKASA+ aid package including RM5 billion direct fiscal injection, with three main goals:
Increasing the capacity of the public healthcare system
Continuing the Prihatin Rakyat agenda
Supporting business continuity
Additional RM1 billion allocated to increase public health capacity to fight Covid-19, including to increase bed capacity, ICU equipment and extend contracts for more than 14,500 health personnel, including retired healthcare workers, until 2022
Government aims to complete Covid-19 vaccinations in states high populations such as Selangor, Kuala Lumpur, Johor and Penang by October, rest of Malaysia by December
Government aims to administer 150,000 doses of Covid-19 vaccines per day through receipt of additional doses, increase in vaccination centres, administering vaccines through drive-through centres, and enlisting more volunteers
Government to deploy buses, vans, other vehicles to help older folk and others living far away from vaccination centres to get to their appointments; welcomes help from private sector, non-governmental organisations and other community organisations
Government allocates RM2.1 billion for Bantuan Prihatin Rakyat from end-June
Additional RM500 for households with monthly income of up to RM2,500
Additional RM300 for households with monthly income between RM2,501 and RM5,000
Additional RM100 for singletons
Government launches bus and taxi hire purchase rehabilitations scheme worth RM1 billion, where eligible bus and taxi operators may get a 12-month moratorium and extended repayment period of 36 months
One-month wage subsidy programme under PERKESO worth RM1.5 billion for 2.5 million eligible employees, 200,000 employers. Limited to 500 employees per application.
Employers registered with the Human Resources Development Fund will be exempted from paying the mandatory levy in June. At the same time, employees may upskill themselves through the e-LATiH learning portal for free, with over 400 modules and skill courses.
Special Prihatin Grant for SMEs and micro-enterprises raised to RM1,500, with almost one million eligible enterprises to receive RM1,000 in mid-June and a further RM500 in July.
RM1.5 billion in micro-credit facilities available to small businesses, street vendors and micro-enterprises at 3% interest rate by Bank Simpanan Nasional, TEKUN, MARA, SME Corp, and Yayasan Pembangunan Ekonomi Islam Malaysia.
Inland Revenue Board will consider penalty appeals and defer payment of penalties to 2022, as well as reschedule payment of tax arrears for affected taxpayers and businesses
Companies Commission of Malaysia to reintroduce extension of deadline for submission of financial statements and convening of annual general meetings for listed companies, and impose moratorium on penalties for late submission of statutory documents. The commission will also waive late fees to renew business licenses of SMEs, micro-enterprises, sole proprietorships and partnerships until Dec 31, 2021.
Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 Act 2020 will extend legal protections against failure to meet contractual obligations to Dec 31, 2021. Government will also offer free mediation through Covid Mediation centres to all individuals and businesses.
For B40s, eligible SMEs not allowed to operate during the MCO, and those who lost jobs, a three-month automatic loan moratorium or 50% repayment reduction for six months is given from June 2021. It is expected to benefit five million borrowers and is worth RM30 billion
BNM to add RM2 billion to its SME loan facilities bearing 3.5% interest rate, bringing total amount available to RM7 billion
Hotel operators, travel and tourism agencies, shopping complexes and premises, convention centers, parks themes and local airline offices are eligible for 10% electricity bill discount for an additional three months between July and September 2021
RM68 million in one-off aid for eligible tourist guides, drivers at RM500 each
Home Ownership Campaign stamp duty exemption extended until Dec 31, 2021
Sales tax exemption period for completely knocked-down (CKD) and completely built-up (CBU) passenger vehicles extended until Dec 31, 2021, from June 30, 2021
Just like during MCO 1.0, salaries of ministers and deputy ministers for three months during June-August 2021 will be instead chanelled to Disaster Trust Fund for Covid-19 related expenditure
MARA to continue the MARA PRIHATIN Peace of Mind programme until July 31, 2021. Borrowers can apply online for either a rescheduling or moratorium of their student loan repayments.
For MARA entrepreneurs affected by the economic closure, a 30% discount is given on the rental of business premises from May to July, 2021. Special tax cut is also given for building owners that provide further six-month rental discount of at least 30% for SME tenants.
