MSME Survival Fund Payroll Support 2021 | The Federal government of Nigeria has ordered the reopening of the MSME Survival Fund Payroll Support Portal for registration of businesses in 30 states of the Federation. The Payroll support scheme is meant to assist about 500,000 vulnerable MSMEs in meeting payroll obligations (Salaries) of between N30,000 to N50,000 per employee over 3 months.
MSMEs Survival Fund Batch B
In a statement signed by the Hon Minister of State, Federal Ministry of Industry. Trade and Investment, Ambassador Mariam Katagum, the Project Delivery Office (PDO) inform the Public that the MSME Survival Fund Payroll Support Portal will be exceptionally reopened for States that have not met their quota. The Portal will be open for 7 days beginning from 27th January to 2nd February 2021.
The payroll Support Track of the MSME Survival Fund Scheme which was flagged off on the 21 of September 2020 is aimed at supporting vulnerable MSMEs in the payroll obligations of over 500,000 employees for a period of 3 Months.
The state to benefit from the reopening include; Abia, Adamawa, Akwa Ibom, Anambra, Bayelsa, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Sokoto, Taraba, Yobe, Zamfara
Businesses in states like Benue, Plateau, Bauchi, Kano, Kaduna, and Rivers and the FCT who have met their quota are excluded from participating in the reopening exercise.
Requirements for businesses to benefit from the Survival Fund Payroll Support includes:
• Businesses must have CAC registration.
• Businesses must have a minimum of 10 and a maximum of 50 staff.
• Business must be owned by Nigerians.
• Must have verifiable BVN.
• The Scheme provides for 45% female participation and 5% Special Needs participation.
Registration for this scheme is free, visit http://www.survivalfund.gov.ng to start the registration process.
Making his own contribution, the Special Assistant to the President of MSMEs in the office of the Vice President, Mr Tola Johnson, revealed that a total of 100,000 businesses across the 36 states and FCT would benefit from the new schemes.
Johnson added that the portal for the GOS would be opened for 2 weeks while the portal for the grant would be opened for a week.
He listed some of the conditions to qualify to participate in the scheme to include; businesses must be registered in the Corporate Affairs Commission (CAC), must be owned by a Nigerian and must have a minimum of two staff and that the disbursement would be on a first-come-first-served basis.
The N60 billion MSME Survival Fund and the N15 billion Guaranteed Offtake Scheme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan, was flagged off on September 21, 2021.
The 2 MSMEs initiatives were introduced by the Federal Government as part of its efforts to support businesses overcome challenges posed by the Covid-19 pandemic.
The MSMEs Survival Fund scheme is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector.