On March 27th 2020, Prime Minister YAB Tan Sri Muhyiddin Yassin announced an update to the first 2020 economic stimulus package that was announced in February 2020. The Prihatin Rakyat Economic Stimulus Package is designed to ease the economic burden of an extended Movement Control Order (MCO) that was implemented to control the outbreak of the Covid19 virus.
The information in this article is extracted from an article written by Farhan Gazi for iMoney.my
Now worth RM250 billion, the package covers a wide range of economic aspects. It comprises of RM128 billion to protect the welfare of the people, RM100 billion to protect the welfare of small and medium enterprises (SMEs) and RM2 billion to strengthen the country’s economy, on top of the first RM20 billion stimulus package.
The following list of benefits was published on iMoney.my after the first package was announced:
All industry players have been asked to do their part in sharing the burden; hotels are asked to offer discounts and shopping malls asked to reduce the rent costs for tenants.
The MCO has been extended now until April 14th, forcing business to shut for another 2 weeks. The updated stimulus package contains the following benefits:
Bank Negara Malaysia has also issued an Automatic Moratorium to defer loan payments for the next six months. Check with your banks on this as each bank has its own conditions on top of the overall blanket conditions. You should also check if your bank does compounding interest.