The Federal Government of Nigeria is coming to the aid of businesses affected by COVID-19 with a financial support it tagged survival fund.
The MSMEs survival fund is aÂ conditional grant to support micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector.
â€“ The survival fund initiative of the federal government has officially kicked-off
â€“ An online portal for registration of prospective beneficiaries for the survival fund opens on Monday, September 21
â€“ Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm on the same
As the portal for the registration of prospective beneficiaries for the survival fund opens on Monday, September 21, the federal government has released the schedule for categories of businesses to register.
The Payroll support scheme is expected to assist about 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months.
In a statement released yesterday by the Project Delivery Office (PDO), To ensure a seamless registration process, the Survival Fund payroll support Registration portal will open onÂ Monday, 21 September 2020 at 10 PM, and will have educational institutions as the first category of beneficiaries to register.
Businesses in the hospitality industry will have access on Friday 25 September 2020 from 12 A.M., while, other categories of small businesses will be able to register from 12 A.M., on Monday, September 28, 2020.
|BUSINESS CATEGORY||REGISTRATION ACCESS DATE|
|Educational Institutions||Monday, 21 September 2020|
|Hospitality Industry||Friday, 25 September 2020|
|Other MSMEs||Monday, September 28, 2020|
BeneficiariesÂ RequirementÂ of Survival Fund
The scheme target two categories; Employees of MSMEs and Self Employed people
1.Â Employees of MSMEs must meet the following criteria
A. Must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian
2. Self Employed Individuals in the Following categories;
A. Service providers in transport sector, i.e Bus drivers, Taxi drivers, Ride share drivers (Uber, Bolt, etc) and mechanics.
B. Artisans, Electricians, Plumbers etc.
VisitÂ www.survivalfund.ngÂ to start the registration process
The intervention is aimed at cushioning the impact of the COVID-19 pandemic to boost the economy by saving existing jobs and creating new job opportunities.