The third Rental Support Scheme payouts will see $470 million given directly to over 40,000 tenants and owner-occupiers.
More than 40,000 owner-occupiers and tenants will get their third Rental Support Scheme (RSS) payouts totalling over $470 million from 26 November, revealed the Inland Revenue Authority of Singapore (IRAS) and Ministry of Finance (MOF) on Monday (22 November).
Announced by Finance Minister Lawrence Wong on 20 October, the third RSS payout will support businesses with rental costs during the two-month long Stabilisation Phase, which ended on Sunday (21 November).
A cash payout equivalent to one month’s rent of the Stabilisation Period will be given to small and medium enterprises (SMEs) as well as eligible non-profit organisations with annual revenue of not more than $100 million, which are owner-occupiers or tenants of qualifying commercial properties.
Much like the first and second RSS payouts, the third rental support will be directly given to tenants without passing through the landlords.
“This has allowed tenants to receive the RSS payouts from the Government promptly,” said the authorities in their joint statement.
Overall, the three payouts amount to over $900 million of support for rental costs.
Eligible owner-occupiers and tenants will be notified by post, and could view their letter’s electronic copy on the myTax Portal from 26 November.
Those who received the second payout will automatically be given the third payout.
“This simplified process enables businesses to receive their third RSS payout faster,” explained IRAS and MOF.
Eligible owner-occupiers and tenants with PayNow or existing GIRO arrangements can expect to receive the cash payouts from 26 November, while those without such payment arrangements will get cheques by 10 December.
Those that are not eligible for the second payout but are eligible for the third round of support should submit an application to IRAS from 10 December. Applications will close on 21 January 2022.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.