BUSINESS NEWS

Survival Fund: FG Commences Registration for Businesses’ Payroll Support Palliative

The Federal Government is set to start the registration of potential beneficiaries of its Payroll Support Scheme which is part of the Survival Fund programmes aimed at alleviating the difficulties faced by some vulnerable micro, small and medium enterprises (MSME) in Nigeria in the face of the COVID-19 pandemic. The registration for the Payroll Support Scheme commences at 10 PM today 21st September 2020. It is designed to provide salary/wage payment palliatives to half a million CAC-registered MSMEs in Nigeria.

The Federal Government disclosed that 500,000 vulnerable MSMEs will be supported in meeting their payroll obligations of between ₦30,000 to ₦50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period. The Registration Portal is http://www.survivalfundapplication.com

The first group of businesses to be registered are educational businesses. A press statement from the Project Delivery Office said yesterday that educational institutions are the first category to be considered.

Then, from 12 noon on Friday 25th, registration for the hospitality enterprises will follow. Then on the 28th of September, Monday, the other categories of enterprises will be registered.

The portal for the registration has now changed from www(.)survivalfund(.)ng to http://www.survivalfundapplication.com and all are enjoined to inform everyone interested, about this change in the portal/website.

The change in portal was announced late last night

Switch Nigeria last month reported that the Federal Government had announced plans for palliatives to private schools and artisans. You may read our article about the news through this link.

We also reported that the Federal Government was all set to begin the implementation of the Nigeria Youth Investment Fund programmes. Read our report via this link.

The Survival Support Fund, aside from this Payroll Support Scheme, has four other schemes meant to alleviate the struggles of micro, small and medium enterprises in the country.

Its Formalisation Support Scheme aims to provide free CAC name registration to a quarter of a million (that is, 250,000) businesses. This will come as great news for business owners who have been intending to register but either had not enough resources to do so or were delaying.

The Survival Support Fund also has the Grant Scheme which is meant to provide pittance financial aid of ₦50,000 to about 100,000 businesses in Nigeria who have been most affected by the COVID-19 pandemic.

The Artisan/Transport Support Scheme of the Survival Support Fund is to provide grant of ₦30,000 grant each to 333,000 transportation operators and artisans. This is in response to the realisation that the COVID-19 pandemic affected the operations and earnings for such category of business enterprises in Nigeria adversely as they had to carry less passengers in compliance with the Federal Government requirements.

The Guaranteed Offtake Scheme is another laudable part of the Survival Support Fund programmes. Through it, the Federal Government of Nigeria will procure bulk products from at least 100,000 MSMEs. This will enhance the survival of the businesses in this difficult time.

For more information, you are enjoined to log onto the website for the Survival Support Fund and contact the Project Delivery Office (PDO).

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