On March 27, 2020, Prime Minister Muhyiddin Yassin officially announced how the government would help the Malaysians with a new stimulus package or Pakej Rangsangan Ekonomi Prihatin Rakyat (PRIHATIN).
While it is not explicitly stated that these initiatives are aimed at the benefits of self-employed Malaysians, they could reduce their burden under the COVID 19 Pandemic and Movement Control Regulation (MCO).
1. Ease for email and taxi drivers
For full-time email drivers, the MCO has severely affected operations and journeys.
Therefore a one-time payment of RM500 is awarded to a total of around 120,000 drivers, with one Allocation of RM 60 million.
On the other hand tAxi drivers are compensated with RM600 from April 1, 2020.
2. Increase the Skim loan micro-loan amount
500 million RM was awarded as part of the Skim Credit Micro Initiative to help micro-entrepreneurs (in the creative industry, online retailers and small business owners, etc.) lower-interest repayments.
Interest rates have been reduced to 2%.
The amount that can be borrowed also has increased from RM50,000 to RM75,000 for every micro entrepreneur.
3. Delay in repaying the PTPTN loan
Although this is not a one-off payment, this incentive also includes PTPTN student loans to all borrowers delayed by 6 months.
This concerns a total loan amount of RM 750 million.
This initiative starts on April 1, 2020 and runs until September 30, 2020.
For all self-employed it is very likely that an income carved in stone is not possible.
Therefore, delaying the repayment of PTPTN loans is indeed an enormous burden for you.
4. Free internet during MCO
If you're used to paying high WiFi prices for working from home, you no longer need to do so from April 1, 2020 until the end of the MCO.
A free internet service (RM 600 million) will be provided and another RM 400 million will be provided to maintain and improve coverage.
Selected image source: Muhyiddin Yassin FB