PM to announce additional stimulus for SMEs this afternoon

CORONAVIRUS | Prime Minister Muhyiddin Yassin will announce additional stimulus measures to help small and medium-sized enterprises (SMEs) to weather through the economic downturn brought about by the Covid-19 pandemic.

This comes after industry players lamented that the initial RM250 billion stimulus plan was insufficient for helping SMEs and to stave off mass retrenchments.

Muhyiddin is expected to address the nation at 4pm today on major TV channels.

The announcement is being touted as an addition to the "Pakej Prihatin" for SMEs.

The initial RM250 billion stimulus plan, announced on March 27, had largely focussed on providing relief to individuals through loan repayment deferment and cash transfers.

For SMEs, the earlier stimulus plan, among others, provided loans, tax deferments, utility discounts and a wage subsidy of RM600 for three months for workers earning RM4,000 or less, if companies do not retrench them.

However, the Opposition had called for a higher wage subsidy of RM1,200, pointing out that it is lower than the measures announced by other countries and won't be enough to prevent job losses.

To combat the coronavirus, the country has gone into a partial lockdown since March 18.

The Movement Control Order (MCO) was supposed to end on March 31, but was extended until April 14.

Under the MCO, all non-essential businesses and services must close while people are only allowed to leave their homes for pressing reasons such as to restock food supply.

The measures have brought a large section of the country's economy to a standstill.

As of noon yesterday, Malaysia recorded 3,662 Covid-19 cases with 61 deaths.

Globally, 1.27 million have been infected and 69,459 people have died. - Mkini