The Productivity Solutions Grant (PSG) is introduced to help SMEs who want to improve their productivity. They can use pre-approved IT solutions to upgrade business processes. PSG is helpful for the companies who want to kick start their digitization efforts and therefore the funding support has been from 70% to 80%. This is where the companies can enjoy the PSG benefits.
The PSG supports various approved software solutions and it also supports equipment. The equipment support is limited to a few industries such as environmental services and Food & Beverages (F&B).
The PSG updated in April 2020 during the Covid-19 pandemic. This was done in order to support businesses that use telecommuting tools and laptops for facilitating business plans.
,Step by Step guide on how to claim Productivity Solutions Grant ( PSG) for Xero:
How to Claim PSG for Xero
1: Visit The Website
You need to visit https://www.businessgrants.gov.sg/. After this, log in with your company’s CorpPass, and under “My Grants”, click on “Claims“.
2: Get New Claim
Go for “What would you like to do?”, go on “File new claim“.
3: Xero Cloud Accounting Software
You will see the approved Xero package on the page and click on the approved project title “Xero Cloud Accounting Software“. Then click on “Proceed” to continue.
4: Update Your Contact Details
If the information provided under section “Main Contact Person” is the same as the previous submission then click on the box “same as the previous submission”. If the information is not the same then fill in the new information for the “Main Contact Person”.
5: Double Check The Information Provided
You need to review the details and make sure that the stated information is correct.
6: Software Details & Upload Supporting Documents
Under the section “Key in your software license numbers or equipment serial numbers” and then proceed to upload the required documents.
7: Provide Payment Details
You need to tell “How many installments a month is this claim for?”. After this, the amount is shown on the invoice before GST and other information will get auto-filled.
You need to review and double-check the information under Location Deployed. If incorrect, then you need to update and proceed to next.
9: Productivity Gains
Click on the box indicating “Same as previous submission” and the efficiency percentage. If you don’t want to make any changes, indicate “NIL”, if not then state the reason. After this, click “Next” to proceed.
10: Declare Acknowledge Terms
Read and choose either “Yes” or “No” for each question at the Acknowledge Terms page.
11: Submit the Application
After reviewing the application, click “Submit“.
Who can Apply for PSG
The SME that meets the given criteria can apply for PSG:
- At least 30% local shareholding
- Registered company and operating in Singapore
- Purchase/lease/subscription of the IT solutions utilized in Singapore
The DRB is the top digitalization assistance under the SMEs Go Digital program. Many food Services and Retail are now e-invoicing by using predefined categories of digital solutions. You should learn more about the digital Resilience Bonus for business Processes under Productivity Solutions Grant (PSG). It’s time to embark on this digitalization and simplify & optimize the digital transformation process.
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