The Federal Government has announced that registration for all businesses across all sectors for the MSME Payroll Surport commences on 12am Monday 28th September, 2020.
What is MSME Payroll Support:
MSME Payroll Support is one of the categories of the MSME Survival Funds Scheme of the Federal Government as part of the National Economic Sustainability Plan, to cushion the effect of the lockdown caused by the COVID-19 Pandemic on Micro, Small and Medium Entreprises in Nigeria.
Others are: General Grant of N50,000 to 100,000 MSMEs, Formalisation Support (Free CAC Registration) to 250,000 businesses that have not registered with the Corporate Affairs Commision, Artisan/Transport Support of N30,000 - N50,000 to 330,000 Artisans and Transporters across Nigeria and the Guaranteed Offtake Scheme where 100,000 Producers would experience a bulk purchase of their products facilitated by the Federal Government.
The Payroll Support is for the employees of MSMEs and targets 500,000 Employees. Here, a CEO who meets all the requirements and possesses the supporting documents registers a maximum of 10 workers in his/her enterprise who will be beneficiaries of a payroll support of N30,000 for 3 months.
The Payroll Support started with Employees in the Education Sector (Private Schools) on 21st September and Hospitality Industry (Restaurant, Bar, Catering Services etc) on 25th September, 2020.
Who is Eligible for the General Payroll Support
Are you a Nigerian and have a Micro, Small and Medium Enterprise business that meets the following requirements:
1. Have a minimum of 3 employees working for you
2. Have a Bank Verication Number (BVN)
3. Be registered with Corporate Affairs Commission, SMEDAN and possess TIN(Tax Identification Number)
4. Possess Annual Revenue/Turnover document for 12 Months
5. Posses a Proof of (3) Last Salaries paid to your employees
....then you are very eligible to apply.
How to Apply
1. Personal registration
Register your personal details to start the payroll support application. Instructions at the top of the form will guide you on the required fields that need to be filled to complete the initial registration.
2. Activate your account
You will receive an activation code on the mobile number and email address you registered with. You will need this code to activate your account. Please ensure you have access to the phone number or email address you will register with in order to complete your initial registration.
3. Organisation registration
After you have successfully activated your account, you will need to login and register your Organisation. To complete this stage, you will need your CAC Number, SMEDAN Number, Tax ID (optional) and the organisation's bank account details.
4. Completing the payroll support application
You will receive an email address on the list of requirements needed to complete the application. These include the beneficiary employees details (not more than 10 employees), proof of previous salary payments to the beneficiary and all other supporting documents.
The Federal Government has urged Nigerians to stick to schedule of registration to prevent traffic congestion on the application portal.
More update comming soon!
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