That is where the new Bill comes in, to provide"breathing space" for companies. The obligations are only suspended, not removed - rent, for instance, still accrues and will eventually have to be paid after the temporary relief period is over.
First mentioned in the Resilience Budget unveiled on March 26, the measures are laid out in the Covid-19 Bill that will be introduced in Parliament next week. The measures will be in place for six months from the commencement of the Act, and can be extended for another six months. For construction contracts or supply contracts, where obligations could not be performed due to Covid-19, the contractor will not be liable for liquidated damages, nor for delays or non-supply of goods.
SMEs, defined as those with annual revenue of no more than S$100 million, will also be protected against enforcement action in relation to loan facilities secured against real estate, or against plant, machinery, or other equipment used for business purposes. About 100 assessors from sectors such as law, accountancy, and industry will be appointed. They are merely carrying out the policy, not serving a judicial function, noted Mr Shanmugam.
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