Businesses Badly Affected By Prolonged Covid Pandemic.

 

Businesses in Singapore predict doom as pandemic rages on
3,823 retailers warned business in “deep despair and disrepair” 

• extended Covid-19 restrictions, sharp rise in daily cases and deaths
• one-month extension of social restrictions would “sink the boat for many”.
• “this year alone four waves of restrictions impacted traffic and business”

aid packages by government not sufficient
business owners forced to pay salaries and rentals out of their own pockets
financial, mental, physical health costs to owners, staff, families, ecosystem 

• Singapore stuggling with sharp Covid spike since last month.
• pleaded for rental subsidies for another month 
• extend bank loan moratoriums by a year

landlords and banks making record profits 
unconscionable that big landlords and banks unwilling to extend hand to 
businesses expect to take a further hit if increase GST to 9%

My comments :

Thinking aloud : the government can offer full tax waiver on rental income say for the next three years subject to landlords cutting rentals by at least 30%. 

Retail is the tip of the spear in the economy. If retail fails then wholesalers and then the importers and manufacturers will all fail. 

These are just difficult times. It will be a while before business resumes back to normal. 

Businesses need to conserve their resources and wait for better times to begin functioning again. Most businesses are burning up their savings and reserves. If the Covid lingers for another six months the fallout will be even greater. 

Third booster jabs need to be expedited as well.

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.