Extension of Relief Periods under the COVID-19 (Temporary Measures) Act

Press Release – Extension of Relief Periods under the COVID-19 (Temporary Measures) Act for Specified Categories of Contracts

 

The Ministry of Law has recently announced changes to the relief periods under the COVID-19 (Temporary Measures) Act.

 

The changes are as follows:

Part 2 of the Act – Relief from certain legal and enforcement actions for inability to perform contractual obligations, for specified categories of contracts

 

  1. Extended from 19 October 2020 to 19 November 2020
  • Loans to SMEs secured by certain collateral in Singapore
  • Leases and licences of non-residential property
  • Hire-purchase and conditional sales agreements for commercial vehicles, or plant/machinery used for commercial purposes
  • Rental agreements for commercial equipment or commercial vehicles

 

  1. Extended from 19 October 2020 to 31 December 2020
  • Event and tourism-related contracts
  • Options to purchase with developers
  • Sale and purchase agreements with developers

 

  1. Extended from 19 October 2020 to 31 March 2021
  • Construction contracts or supply contracts, or any performance bond granted thereto

 

Rental relief framework – Repayment scheme for rental arrears

 

  • Eligible tenant-occupiers may now serve written notice on their landlord of their intent to take up the scheme before 19 November 2020 (instead of 19 October 2020)
  • First instalment payment to be made by 1 December 2020 (instead of 1 November 2020)

 

Part 3 of the Act – Measures relating to bankruptcy and insolvency

 

  • No change to relief period, which will end on 19 October 2020

 

 

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Infographic on August and October Budget Measures
Infographic on Economic Strategy

 

Deputy Prime Minister and Finance Minister Heng Swee Keat delivered a statement in Parliament earlier today, which touched on the measures and strategies for us to emerge stronger from the COVID-19 crisis, as an economy and as a society.

 

2        The appended infographics from the Ministry of Finance (MOF) provide an overview of the various support measures for workers, jobs and companies. You may wish to visit https://bit.ly/34rSZPI to read DPM’s Ministerial Statement (Oct) in full.

 

  1. Infographic on August and October 2020 Budget Measures
 
  1. Infographic on Economic Strategy
 

 

3        We hope that the above is useful and that representatives can share the materials with your members and partners. Thank you.