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4 Initiatives In The Economic Stimulus Package That Can Help Self-Employed M’sians

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On March 27, 2020, Prime Minister Muhyiddin Yassin made his official announcement as to the ways in which the federal government would assist Malaysians with a brand new Financial Stimulus Bundle or Pakej Rangsangan Ekonomi Prihatin Rakyat (PRIHATIN).

Whereas not explicitly stating that these initiatives are geared in direction of the advantage of self-employed Malaysians, these may nonetheless alleviate their burden in the course of the COVID-19 pandemic and Motion Management Order (MCO).

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1. Aid For E-Hailing And Taxi Drivers

For full-time e-hailing drivers, the MCO has severely affected operations and rides.

Due to this fact, a one-off fee of RM500 will probably be given to about 120,000 drivers in complete, with an allocation of RM60 million.

However, taxi drivers will probably be compensated with RM600 beginning April 1, 2020.

2. Growing The Skim Kredit Mikro Mortgage Quantity

RM500 million has been allotted below the Skim Kredit Mikro initiative to supply micro-entrepreneurs (these within the inventive trade, on-line retailers and small-time enterprise house owners, and many others.) with lower-interest repayments.

Curiosity has been lowered to 2%.

The quantity that may be loaned out has additionally elevated from RM50,000 to RM75,000 for every micro-entrepreneur.

3. Delay Of PTPTN Mortgage Reimbursement

Though not a one-off fee, this stimulus additionally consists of the delay of PTPTN scholar loans to all debtors for a interval of 6 months.

This impacts a complete mortgage quantity of RM750 million.

This initiative will begin from April 1, 2020 and will probably be in impact till September 30, 2020.

For all of those that are self-employed, it’s very attainable that an earnings set in stone is just not attainable.

Due to this fact, the delay of PTPTN mortgage repayments is the truth is an enormous load off your shoulders.

4. Free Web Throughout MCO

In case you’re used to paying hefty WiFi costs to do business from home, you gained’t have to take action beginning April 1, 2020 up till the top of the MCO.

Free Web service will probably be supplied (value RM600 million) and RM400 million extra will probably be allotted to sustaining and enhancing protection.

Featured Picture Credit score: Muhyiddin Yassin FB

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