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. To be eligible, the company must be a registered business in Singapore with a valid business registration number. The company must also have a minimum of 30% local shareholding.
With the process, eligibility, and precautions, you will also get confusion, doubt, and complexity completely free. Therefore, we have mentioned some frequently asked questions (FAQs) to help you get started with the productivity grant.
Frequently asked questions
● What is the PSG yearly grant ceiling?
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.
● How many PSG grants can a business request?
Depending on their needs, businesses might submit multiple PSG applications. Support, however, is limited to one package per solution category and deployment site.
● Can a business submit multiple applications at once?
This is indeed feasible.
● Can a business use a related partner as a third-party vendor?
If the Applicant chooses a supplier, it must ensure that the supplier has no ties, relationships, or dealings with the Applicant, its affiliated firms, their directors, or their shareholders. The applicant must disclose any connections he or she has with vendors.
● How long does it take to process applications?
Following the submission of all necessary paperwork on the business portal grant, applications are processed in roughly 6 weeks.
● Can we start working or buying the solution before applying for a PSG Grant?
No, if you accept the quote, pay the vendor, or begin any work on the project before submitting your grant application, it will be rejected.
● Do we have to wait till the funding is approved before we begin the project?
Not at all. If you’ve already submitted an application for a productivity solutions grant (PSG), you can sign a quotation, make an advance payment, and begin work. Nonetheless, you run the risk of the grant not being approved for whatever reason.
Applicants should allow additional time for the results of their applications and/or in the processing of their applications.