What is the Enhanced Productivity Solutions Grant?
12 minute read
One of the best ways to improve productivity in your business is to focus on automation. Automating various processes and tasks will undoubtedly lead to improvements across the company in its entirety.
To automate various processes and tasks, a business has to implement modern technological solutions. However, improved productivity doesn’t need to come at a high price. Businesses can tap on grants from government and private entities.
One such grant is the Productivity Solutions Grant (PSG).
All information is accurate and has been updated as of Mar’ 2022.
What is PSG?
The Productivity Solutions Grant is designed to help businesses adopt internet technology solutions and it covers a few specific industries:
- Landscaping industries
The PSG is a combination of three existing grants: the National Parks Board’s Landscape Grant, Spring Singapore Innovation Voucher, and Media Development Authority’s SMEs Digital program.
According to global commercial banking, adopting technological changes in a business is vital, as it brings cost benefits that enable sustainable growth on a larger scale.
This grant offers 70% funding support to Singapore companies for their tech pivot. Selected companies can tap into long-term digital investments to help scale their operations.
The PSG also supports the adoption of solutions that cut across industries, such as customer management, data analytics, financial management, and inventory tracking. These solutions have been pre-scoped by certain government agencies such as Enterprise Singapore, National Environmental Agency (NEA), and Singapore Tourism Board (STB).
During Singapore Budget 2022, it was announced that an additional S$600M in funding will be allocated to the PSG.
The Enhanced PSG
The grant was enhanced by the Supplementary Budget 2020 to encourage enterprises to continue their digitalization efforts.
Maximum funding support level was increased to 80% from 1 April 2020 to 30 September 2021. These measures were created to help enterprises combat the effects of COVID-19.
These are the tools that have expanded for generic solutions:
- Virtual meeting tools
- Online collaboration tools (covering remote working solutions)
- Temperature screening tools
- Queue management systems
- Digital marketing tools (starting from October 2021)
Keep in mind that the support for COVID-19 business continuity measures ended on 31 December 2020. All businesses that have applied before the stipulated date will receive their package.
Explore available solutions on the GoBusiness Gov Assist portal to explore relevant PSG support packages for your business. You can also speak to our expert team to get started on your automating your accounting needs.
Who can apply for PSG?
An SME can apply for the grant only if they meet specific requirements:
- Business has to be registered and headquartered in the state of Singapore.
- All of the purchased (or leased) equipment and IT solutions have to be used in Singapore.
- The business has to hold at least 30% local shareholding. Remember that this is valid if the company’s group annual sales turnover is less than S$100,000,000 or if there are fewer than 200 employed workers (for selected solutions only).
On the other hand, there are various requirements that employers have to consider too, especially if an employer wants to apply for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme.
Here are the requirements:
- The employer has to have a contribution of at least S$750 Skills Development Levy over the qualifying period.
- The company needs to have at least three Singapore citizens employed or permanent residents every month over the same period.
- The company has not qualified for SFEC before.
How can I apply?
- First, visit the Business Grants Portal. Log in or register if you do not have an account. Once a user is registered, they can also register with Corppass.
- When a user is logged in and the Corppass is sorted out, they can log into The Portal. The credentials include an entity ID, Corppass Id, and password.
- Log into the Productivity Solutions Grant account and take a look at the options there. It is possible to edit the company profile, get a new grant, or learn to apply.
- Then click on the Get New Tab middle tab.
- Once that step is done, a new window will open with various requests where a user needs to choose the industry sector that best fits a given business. The options cover the landscape, services, building and construction, logistics, tourism, food and beverages, retail, manufacturing and engineering, information technology, media, and others.
- When you select the business industry, you need to select the desired grant. A new window brings options regarding the grant types.
- Select PSG and proceed.
- Then, verify the eligibility status on the verification page. The page has a list of the requirements that need to be met to qualify for the grant.
- Thick the yes option to verify that your business is eligible and proceed. Once this step is completed, it is necessary to fill in the contact details, including the owner’s name, job title, and contact number.
- The final steps deal with the proposal details, the vendor quotation, and purchasing costs. These require business owners to search for the IT solution option and select the IT solution. The vendor quotation step refers to the process of uploading the supporting documents and selected vendor quotations.
- Last but not least, the purchase price should include all the delivery, installation, and training charges. Then, answer questions on potential business impact, review the declarations and make the final declaration.
- Click on submit, and that’s it.
Hopefully, now you know everything about this grant and how your business can apply for it. If you are eligible, don’t miss out on the chance to apply for it, since adopting productivity solutions and staying relevant is the key to staying competitive.
And to make things even better for you, Sleek is a pre-approved PSG vendor, which means that we can save your business up to 80% on yearly fees!
Feel free to reach out to us for more information and take this opportunity to stay ahead of your competitors.
Well it’s simple! If you have any questions about getting your business started, get them all answered by having a free consultation call with our experts.