Understanding the MSME Survival Funds Registration Time and Shedule

 


A lot of Nigerians have taken to the social media to criticise the Federal Government for not opening the Registration portal for General Grants Registration and other categories.

The aim of this publication is to guide you with detailed explanation to avert misreading or misunderstanding the efforts of the Federal Government to alleviate the pains of Nigerians through the National Economic Sustainability Plan.

About the Program

The All Progressive Congress (APC) adminstration which puts MSMEs at the forefront of their econonic strategies understood that the COVID-19 pandemic has created severe Economic consequences for all countries around the world and Nigeria has also been very badly hit while the lockdowns froze economic activities, causing massive job losses and supply chain disruptions.

The MSME Survival Fund targets about 1.7 Million Nigerians who own Micro, Small and Medium Enterprises in Nigeria which have been affected by the COVID-19 Pandemic and would estimatedly save 1.3 Million jobs across the country, impacting about 35,000 individuals per State. There will be 45% consideration for Female owned enterprises and 5% consideration for enterprises owned by those with special needs. 

The Program is grouped into 5 Split Categories as will be explained below:

 1.  Payroll Support: 

The beneficiaries here would be employees of MSMEs whom their CEOs who meet the requirements, would register a maximum of 10 Employees of his/her Enterprise. 

The vulnerable MSMEs would be supported in meeting payrol obligation of between N30,000 to N50,000 per employee for 3 Months. 

Here, 500,000 Employees of the vulnerable MSMEs would be direct beneficiaries and not more than 10 employees would benefit per MSME.

The Payrol Support registration started on 21st September with the Education Sector  (Private Schools). Recall that during the lockdown, the Private School Teachers protested over their hardship posed by schools shutdown caused by the COVID-19 Pandemic and the Federal Government promised to pay them for three months. This is the way forward to meeting the promise.

The registration was followed by the Hospitality Industry (Restaurants, Parks, Bars, Catering Services etc) which commenced on 25th September, 2020.


Today 28th September, 2020, the Payroll Support Registration continued with all other sectors (Clothing/Tailoring Industry, Construction/plumbing/Painting/Iron bending, Mechanic etc. As long as you meet the following requirements, then you can register your 'employees'.   

A CEO must be 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.

How to Apply

Click here and click on 'Sign Up' follow the processes below:

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.


Other Categories in the Scheme but are yet to commence are:

 2. Formalization Support (Free CAC Registration)

The beneficiaries here would have their Businesses registered free of charge by the Corporate Affairs Commision as the Federal Government has paid for the registration. 

250,000 Nigerians would through this program, have their Businesses registered free of charge. You and I know how much it costs to register a business but thanks to the Federal Government, it will be free of charge.

 3. General Grant:

Here, 100,000 beneficiaries who are Micro, Small and Medium business owners which have track records of COVID-19 effect on their Businesses would recieve a grant of N50,000 each which would be basically used to boost their businesses.  

For now, it's not clear if the the benefiting MSME must be registered with Corporate Affairs Commision.

 4. Artisan/Transport Supports:

Artisan business owners, transporters such as bus drivers, Keke/Okada riders, etc would through this program recieve a grant of N30,000 each. 

A large number of 333,000 Artisan owners and Transporters across the Federation would be direct beneficiaries of this particular program.


 5. Guaranteed Offtake Scheme:

This particular program targets Micro, Small and Medium Business owners who are in the production sectors. 

The Federal Government plans bulk purchase of their products to boost their productive capacity in order to protect jobs and improve livelihood.

100,000 business owners in the production sector would have their production capabilities boosted through this program.

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