The Malaysian government has rolled out various financial incentives to help Small and Medium-sized Enterprises (SMEs) better cope with the evolving Covid-19 pandemic. More specifically, the Malaysian Prime Minister has unveiled a 3rd package worth RM10 billion upon the announcement of the 2nd Economic Stimulus Package (Prihatin Package). The additional measures are aimed at helping SMEs get through difficult times.
With about 98.5% of businesses in Malaysia are SMEs, micro SMEs form 76.5% of the crust. We cannot overlook the contribution made by micro SMEs to the economy. Therefore, with the RM3000 Special Grant targeted at micro SMEs, we anticipate that such long-term plans will help the country emerge from the crisis and seize many more opportunities. We have summarized the FAQs to help you understand more about the micro SME grant of RM3000 in Malaysia below.
In addition, the Malaysian Government has released an update in June to help SMEs & micro SMEs with an additional RM1,000 under the GKP4.0 to eligible recipients.
Table of Contents
1. What is the Special Grant (Geran Khas PRIHATIN “GKP”)
The grant is a one-off financial aid worth RM3,000 given to micro enterprises who are affected by Covid-19 outbreak.
In addition to previous GKP 1.0 and 2.0, GKP 3.0 aims to provide a one-off financial assistance of RM1,000 to reduce SMEs’ financial burden while enhancing their productivity.
2. Who is eligible to apply for the Special Grant (Geran Khas PRIHATIN “GKP”) 3.0
- Not a previous recipient of GKP 1.0 and GKP 2.0;
- Must be Malaysian citizens;
- Operates SMEs as follows:
- Total annual sales or turnover less than RM300,000; and
- The number of full-time employees does not exceed four people, excluding owners;
- Registered with:
- Inland Revenue Board of Malaysia (IRBM) before or on 28 February 2021; or
- A local authority or SSM before or on 28 February 2021;
- The firm is still actively conducting its business at the time the application is made.
Applications can only be made online through the GKP Portal, new manual applications made at LHDN branches are not accepted under GKP 3.0.
3. What is the value of the Special Grant (Geran Khas PRIHATIN “GKP”)
One-off payment of RM3,000.
4. How to apply for the Special Grant (Geran Khas PRIHATIN “GKP”)
You can apply through https://gkp.hasil.gov.my
5. When is the application period
From 1st April to 15th April 2021.
6. When will the applicant be notified of the result?
Early June 2021.
7. I have registered with SSM and local authorities but not LHDN. Am I still eligible?
Yes, you will need to fill in the business details while applying the special grant online.
8. When will the payment be made?
Payment date for GKP 3.0 will be made from time to time.
9. How will the payment be made?
It will be credited to the bank account provided during the application process.
WeCorporate content team comprises experienced in-house and freelance writers who share trending and insightful content to empower and aspire entrepreneurs to change their gameplay in their business in Asia.
We Can Help You In Getting The Right Grant!
Our experienced business consultants will help you