For SME tenants (i.e. with not more than $100 million in annual turnover) with qualifying leases or licences commencing before 25 March 2020, the Government will provide a new cash grant to offset their rental costs as stated in Table 1.
SME property owners who run a trade or business on their own property will also be eligible for the new cash grant. Vacant property and land under development will not be eligible.
Implementation of the New Government Cash Grant
The new government cash grant will be disbursed automatically by IRAS to the qualifying property owners.
The amount of grant will be calculated based on the Annual Values of properties for 2020, as determined by IRAS at 13 April 2020.
For property owners whose properties are only partially let out, or whose properties are let out to both SME and non-SME tenants under a single property tax account, they will not automatically receive the government cash grant.
In such instances, the property owner should submit an application to IRAS, and provide supporting documents, including proof of SME tenants within its property. IRAS will pro-rate the government cash grant accordingly.