While the government has introduced two support packages aimed towards helping the country tide through the ongoing COVID-19 crisis, many has hoped for a lifeline to be thrown to smaller businesses, especially tenanted businesses.
This is largely due to the fact that smaller businesses may not have access to bank loans and financial instruments the same way bigger chains do, however they are the daily bread of people who may also have employees depending on them.
This is especially within the Food and Beverage (F&B) industry, where revenue relies heavily on footfall. With the additional social distancing measures implemented by the Government, sales have taken a big dip resulting in an increased pressure on tenanted businesses to continue sustaining their businesses.
While the Resilience Budget rolled out by the government includes the Property Tax waiver providing monetary assistance to landlords and local workers, it does not benefit tenanted businesses directly, where commercial or private landlords are only urged to provide tenants with rental rebates of waiver.
Petitions have been initiated to urge for support from the government and also commercial and private landlords to prevent them from closing down, resulting in lost businesses and jobs.
Rents are not cheap in Singapore, resulting in large pressure on cost and labour. As the pandemic rages on, tenanted businesses really might have to throw in the towel if they do not receive enough monetary support.