Federal Government launched a Survival Fund Scheme to support MSMEs affected by the COVID19 Pandemic with focus on the Education, Hospitality sectors and then the General Sector.
The Survival Fund portal will open today 21st September by 10pm for Education Sector, 25th September, 2020 by 12am for the Hospitality sector and then 28th September, 2020 by 12am for all other sectors.
The scheme is expected to offer payroll support to 500,000 affected businesses by paying their staff between 30,000 and 50,000 per employee over a period of 3 months.
The scheme will also provide free CAC Business Name Registrations to 250,000 new businesses as a formalisation support.
The scheme will equally support the survival of 100,000 most affected businesses with 50,000 each as general grant.
The scheme is also designed to provide 333,000 artisans and transport business operators with a 30,000 operations grant to reduce the effects of income loss.
Interestingly, the scheme will equally bulk purchase products from 100,000 MSMEs to protect jobs and livelihood.