What is PSG grant?The Productivity Solutions Grant (PSG) is a government grant that helps companies in Singapore to enhance their productivity. The PSG grant covers up to 70% of costs incurred on external consultancy, equipment, software, and IT solutions.
PSG is open to all companies in Singapore regardless of size or sector. However, the company must be registered in Singapore with a valid business registration number to be eligible. The company must also have a minimum of 30% local shareholding.
With the process, eligibility, and precautions, you will also be free of confusion, doubt, and complexity. Therefore, we have mentioned some frequently asked questions (FAQs) to help you get started with the productivity grant.
An annual PSG funding cap of S$30,000 applies to each company that ESG supports for endorsed solutions, according to the PSG grant 2021. This period begins on April 1 and concludes on March 31 of the following year.
Depending on their needs, businesses might submit multiple PSG applications. Support, however, is limited to one package per solution category and deployment site. If the Applicant chooses a supplier, it must ensure that the supplier has no ties, relationships, or dealings with the Applicant, its affiliated firms, directors, or shareholders. The Applicant must disclose any connections they have with vendors.
After submitting all necessary paperwork on the business portal grant, applications are processed in roughly six weeks. It will be rejected if you accept the quote, pay the vendor, or begin any work on the project before submitting your grant application. Not at all. If you’ve already applied for a productivity solutions grant (PSG), you can sign a quotation, make an advance payment, and begin work. Nonetheless, you risk the grant not being approved for whatever reason.
Applicants should allow additional time for the results of their applications and the processing of their applications.
