Dear Subscriber,
As featured below, the BMCC is pleased to see the Government offering further financial assistance for SMEs. This indicates that the collective voices of our business communities are heard. However, there remains much to be done in this long road to economic recovery. You can assist by telling us how COVID-19 has effected you in our Impact Assessment Survey if you have yet to do so. Your feedback is very important to us. In today's newsletter, we're be covering updates on:
- Additional RM10bil for SMEs under Prihatin economic stimulus package
- Memorandum to the Government- Chambers and Association Joint Meeting and Roundtable
- Ministry of International Trade & Industry (MITI) - Call Centres for Manufacturers for MCO Application Status
- National Security Council (MKN) - Updated FAQ and List of Essential Businesses
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| 1. Additional RM10bil for SMEs under Prihatin economic stimulus package |
| The government has today allocated an additional RM10 billion for Small and Medium Enterprises (SMEs) under the Prihatin Rakyat Economic Stimulus Package. He said SME sector contributed towards 40 per cent of the country’s economy, thus it was imperative to protect the interest of the companies. The prime minister said he had received feedback from SMEs and micro businesses who were affected and were in need of assistance from the government. Read more at NST
Here are the highlights of the Prime Minister's speech:
• The government will increase the wage subsidy of RM600 monthly for employers from RM5.9bil announced on March 27 to RM13.8bil, an additional RM7.9bil.
• The creation of a RM2.1bil Prihatin Special Grant for all SME companies that qualify.
• The Government will provide a Special Grant of RM3,000 to each company, and is expected to benefit nearly 700,000 micro SMEs nationwide. These SMEs must register with the Inland Revenue Board (IRB) to enjoy this facility. The Government will obtain a list of eligible SMEs from the Local Authorities and Companies Commission of Malaysia (SSM).
• The government will be abolishing the 2% interest rate for the RM500mil Micro Credit Scheme under Bank Simpanan Nasional.
• The micro loan scheme for micro businesses was extended to Tekun Nasional with a maximum loan limit of RM10,000 per company at no interest. For this purpose, a sum of RM200 million will be provided. Applicants can only choose from one of these schemes.
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The BMCC is compiling feedback on the impact of COVID-19 on your business activities and performance. These cover responses on (1) impact on business operations, (2) action & support and (3) any additional feedback or suggestions you may have. We will hope to share the findings of the survey with relevant stakeholders including government agencies for the benefit of our business community. We encourage both large organisations and SMEs to participate. |
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| 2. Memorandum to the Government - Chambers and Association Joint Meeting and Roundtable |
| Last week, the BMCC represented by Chairman Andrew Sill and Executive Director Jennifer Lopez took part in EUMCCI's 1st Digital Joint Chambers and Business Organisation Meeting, themed "Uniting to Assist Businesses During and Post MCO in Malaysia". Joined by more than 20 chambers and associations, it was held primarily to unite local and foreign businesses entities, especially SMEs to discuss the repercussions of MCO and COVID-19.
Pursuant to the meeting, a press release and memorandum of recommendations was sent to the Malaysian Government proposing Payroll Assistance, Support to Micro SMEs, Protocols for Non-Essential Businesses to Operate Under MCO, SME Support Funds, Supply Chain and Foreign Owned Businesses.
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Never has our generation met with a greater need to come together than now. The COVID-19 pandemic has torn through our fabric of civilisation, wreaking upon us a global crisis both tragic and devastating. However, here we are presented with this rare opportunity to unite in arms against a singular adversary, and you can play a role! In supporting the Ministry of Health and our CSR partner, The Lost Food Project, the BMCC is calling on individuals and companies alike to contribute. All contributions great or small makes a difference!
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| 3. Ministry of International Trade & Industry (MITI) - Call Centres for Manufacturers for MCO Application Status |
| Manufacturers seeking clarification on their application status to continue operation during can reach out to MITI via their call centers (9am to 6pm, weekdays) and social media platforms below:
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| 4. National Security Council (MKN) - Updated FAQ and List of Essential Businesses |
| This updated FAQ by the National Security Council covers the 8am - 8pm ruling for eateries that remain operational only for drive throughs, take aways and deliveries as well as canteens at industrial premises and factories (allowed provided said premises are under Essential Services).
The latest list of essential services have also been expanded to 15.
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SUNWAY Group has announced a total commitment of more than RM 34 million to help Malaysia combat COVID-19. The commitment is expected to support at least 40,000 beneficiaries in total. Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah said the aid is to help Malaysians who need it the most to tide over the difficult times. Cheah has also been appointed by the Prime Minister of Malaysia to serve on the Economic Action Council (EAC) which is a special task force to find ways to stimulate the economy; and to come up with short and medium term plans to ensure economic growth. The EAC is also instrumental in taking additional necessary actions for the delivery of the nation’s Economic Stimulus Package in light of the COVID-19 outbreak. Read more here
• RM1.3 million to ensure security of livelihoods for COVID-19 patients and B40 communities • More than RM12 million to support government healthcare institutions and professionals • RM20 million to support non-essential retailers |
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Sunway staff steps up to fight against Covid-19
Within days of the movement control order, the #SunwayforGood Fund was swiftly set up in collaboration with Jeffrey Cheah Foundation with full consent and support of the senior management to collect donations from all Sunway employees to help those serving on the front lines as well as those in the essential and critical services. More than RM800,000 was raised from hundreds of compassionate donors at the launch of the fund. Read full article |
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*BMCC Members are welcomed to share any news, research findings, press releases, corporate announcements, surveys or questionnaires etc. related to COVID-19 with us. We will assist to disseminate your content to all our readers on this channel. |
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Standard Chartered: Global Focus - Economic Outlook 2020
The human and economic toll of the COVID-19 pandemic cannot be overstated. While we expect the worst of the impact to be felt in H1-2020, it could extend beyond this period. 2020 may see the worst peacetime performance for the global economy since the Great Depression of 1929-31. We expect an economic collapse in H1-2020, followed by a painful recovery.
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Deloitte Malaysia Tax Espresso Special Alert: Extended MCO to 14 April 2020 – IRBM updated FAQs on tax matters during the MCO Period
In light of the extended Movement Control Order (MCO) period to 14 April 2020, the Inland Revenue Board of Malaysia (IRBM) has made further changes to the Frequently Asked Questions (FAQs). Here are the key changes reflected in the FAQs updated on 3 April 2020:
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Atlas Solutions: Infection Prevention and Control (FREE e-Learning Course)
Atlas, an enterprise risk management firm as well as Southeast Asia’s first UK-accredited security training agency is organising a free Infection Prevention and Control course delivered by their UK Awarding Organisation, Highfield Qualifications. This e-learning module will take about 20-40 minutes and is currently used by businesses as well as health related services in the United Kingdom. If you would like to undertake some Continuous Professional Development during this MCO period, please click the link to fill in your details. We will be closing off registrations on Tuesday 7th of April and sending the namelist to the UK in order for people who have registered to be emailed their access passes
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COVID-19 in ASEAN: Country Status Update on Legal Implications for Clients on Business and Risk Issues (WEBINAR 8 Apr)
Join us for part two of our COVID-19 in ASEAN webinar series as we cover legal implications for clients in Cambodia, Laos, Myanmar, Thailand and Vietnam. The COVID-19 pandemic has the potential to seriously disrupt the Mekong region and much remains uncertain as to how businesses can achieve continuity, contingency and clarity in their operations.
Join our CLMVT leaders as they discuss, compare and strategize on key legal concerns in the Mekong regions in relation to the developing COVID-19 outbreak.
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Handling Employment Issues During and Post MCO (LIVE Forum 8 Apr)
The Covid-19 outbreak and the MCO has resulted in unprecedented disruption to almost all businesses and operations. To help you stay up-to-date with the developments on the Malaysia market, we have launched a series of weekly live forum to our followers discussing the impact of the MCO.
Tay & Partners will be conducting a live forum on "Movement Control Order Due To Covid-19: Handling Employment Issues During and Post MCO".
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COVID-19: Shaping The Future of Work
Since 18th March, when the Movement Control Order (MCO) in Malaysia came into effect, many Malaysians have been forced to embrace working remotely from home for the first time and this has been a lifeline for many Malaysian businesses. Some businesses that were previously considering expansion and relocation of their offices are now delaying decision making. It is more crucial to stay ahead of the game despite any uncertainties caused by the global pandemic. James Buckley, Executive Director of Capital Markets in Knight Frank Malaysia, said, “It got me thinking whether Covid-19 could permanently shift working patterns when normal times return.
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CIMA Academic Partner Excellence Awards
Behind every successful CIMA student is the institution that equipped them. As a CIMA, you deserve to be recognised for your efforts. To make that happen, we're rolling out the CIMA Academic Partner Excellence Awards, which are custom-designed to acknowledged the various roles that you have played in the success of CIMA students and graduates, as well as give you visibility and standing as a premier CIMA partner. Get recognised today!
For more information about award categories, nominations and submissions, click here |
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World Bank Malaysia Hub - Macroeconomic Policy: A Primer for Developing Countries
COVID-19 not only represents a worldwide public health emergency but has become an international economic crisis that could surpass the global financial crisis of 2008–09. Right now, containment and mitigation measures are necessary to limit the spread of the virus and save lives. However, they come at a cost, as shutdowns imply reducing economic activity. These human and economic costs are likely to be larger for developing countries, which generally have lower health care capacity, larger informal sectors, shallower financial markets, less fiscal space, and poorer governance. View Report |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) E04C0, 4th Floor East Block, Wisma Golden Eagle Realty, 142-B Jalan Ampang, 50450 Kuala Lumpur Copyright © BMCC 2020 |
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