1. Economic Stimulus Package announced on 27 February 2020 (RM20 billion).
This is the first package announced to mitigate the impact of COVID-19 outbreak and reinvigorate the growth of the Malaysian economy, through protecting the welfare and well-being of Malaysian citizens by catalysing citizen-centric economic growth in boosting household spending & implement people-centric projects.
2. PRIHATIN Economic Stimulus Package (ESP) announced on 27 March 2020 (RM250 billion).
The PRIHATIN Economic Stimulus Package, injected an additional RM250 billion into the economy with the aim to ease businesses’ cashflow, assist affected individuals, & stimulate demand for the domestic travel and tourism sector.
3. PRIHATIN SME Economic Stimulus Package (PRIHATIN SME+) announced on 6 April 2020 (RM10 billion).
This is an additional allocation of RM10 billion to further support businesses, particularly SMEs with the purpose of strengthening the nation’s economy by promoting quality investment by leveraging on public investments & provide incentives to encourage private investment.
4. Pelan Jana Semula Ekonomi Negara (PENJANA) announced on 5 June 2020 (RM35 billion).
The fourth package comes in 3 thrusts with 40 key initiatives. Some of the measures issued under PENJANA include new tax incentives, financial assistance for small and medium-sized businesses (SMEs), and job protection initiatives.
5. Perlindungan Ekonomi Dan Rakyat Malaysia (PERMAI) assistance package announced on 18 January 2021 (RM15 billion)
The PERMAI package was spread over 22 initiatives aimed at combating the Covid-19 outbreak, safeguarding the welfare of the people and supporting business continuity following the implementation of the second movement control order (MCO 2.0). In general, the PERMAI assistance package improves on the existing ongoing initiatives and also accelerates the implementation of the related initiatives.
FINANCING FOR SMALL AND MEDIUM ENTERPRISESApart from the above stimulus packages, the Government through Bank Negara Malaysia has provided additional funds worth RM4.5 billion to assist SMEs which covers 5 key initiatives, that are; Special Relief Facility (SRF) , All Economic Sectors (AES) Facility, Micro Credit Scheme, BizMula-i and BizWanita-i Schemes, & Government Guarantee Schemes by SJPP.
OTHER ASSISTANCES FOR COMPANIES FACING CASH FLOW CONSTRAINTSIn reducing the burden of SMEs in terms of payments towards EPF, HRDF and taxes, several measures have been introduced by the relevant authorities, & they are;
➡ Employer Advisory Services (EAS) Program
➡ Employer COVID-19 Assistance Program (e-CAP)
➡ Human Resources Development (HRD) Levy Exemption
➡ Postponement of Income Tax Instalment Payments