Fortitude Budget – Rental Relief Framework for Small and Medium Enterprises in Singapore

CNPupdate

 

Fortitude Budget – Rental Relief Framework for Small and Medium Enterprises in Singapore


Date Published: 6 July 2020 


Presented by: Jimmy Yap and Cinda Sim.




 

An extraordinary effort in an extraordinary time to catch every segment of the social and economic fabric of Singapore. That sums up the four Budgets that have been announced in the Singapore Parliament from February to May 2020. Supplemental Budget Statements have been issued along the way to further enhance the measures announced in the main Budgets. Buyers of residential properties from private developers and the HDB are now afforded relief from hardship caused by COVID-19. Another segment that will receive more help are the Small and Medium Enterprises (SMEs). Why SMEs? Read on to find out why, and what constitutes an SME, what additional help is available and how to tap on that additional help under the fourth and latest (Fortitude) Budget.



Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice.


Jimmy Yap is a Partner at CNPLaw LLP. His main areas of practice for non-contentious work are Indonesia related corporate and commercial matters – such as investment into Indonesia, mergers & acquisitions, joint ventures, and franchising & licensing. In addition, he also focuses on Singapore and Hong Kong IPO-related legal due diligence.
Partner

For contentious matters, Jimmy’s primary focus is on Adjudication (Building and Construction) under the Security of Payment Act, and International Arbitration. He was cited by AsiaLaw Leading Lawyers 2008 as one of the legal experts in the Asia-Pacific region in the areas of Dispute Resolution, and Construction & Property.




Cinda Sim Partner at CNPLaw and she provides legal services that include corporate real estate and retail conveyancing
Partner

Cinda is a pioneer of sorts, having experienced and worked through many “firsts” in Singapore’s real estate history and scene. One of these was the start of the collective sales trend of private estates. Another “first” was the birth of executive condominiums in Singapore.



CNPLaw’s Real Estate practice has the expertise, experience and resources to handle work spreading across the residential, commercial and industrial asset classes, and to advise on all aspects of property transactions in Singapore. Our major clients include multinational corporations (MNCs), small and medium-sized enterprises (SMEs), property developers, construction companies, property funds, property-holding entities, asset managers, family offices, non-profit organisations, real estate investment trusts (REITs), as well as government agencies.

A unique and distinguishing feature of our Real Estate practice is our Client Care. Our Client Care officers are non-legal personnel who assist our clients on extra-legal matters, and who attend to feedback and queries from our clients. These officers possess extensive knowledge of and experience in the real estate industry, and are able to provide practical guidance and help to our clients in every case.





Companies periodically assess and deliberate ways to improve their financial results, and one way of achieving this may be through a successful corporate restructuring exercise, undertaken pursuant to the applicable laws.

A corporate restructuring exercise may involve the acquisitiondisposalconsolidation or amalgamation of assets or shares. Other reasons that may compel a company to restructure may be to prepare the company for a salemerger or management buyout. In almost all cases, legal and financial reasons will dictate the approach and outcome.

By leveraging on our corporate and insolvency law practices within the firm, we aim to help clients achieve their restructuring objectives by offering strategic advance planningassessing the possible business outcomes and legal restrictions, and managing the interests of the stakeholders involved, namely the shareholders, creditors, customers, and employees.





    Practice Areas:
    Dispute Resolution and Real Estate