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4 ways the Resilience Budget is helping Singapore’s businesses stay afloat

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4 ways the Resilience Budget is helping Singapore’s businesses stay afloat

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summary
Help with cash flow

The Government is working to flow payouts under the wage support schemes quickly to provide timely assistance. companies and self-employed persons will be granted an automatic deferment of income tax payments for 3 months.

Help with business costs

—For 2020, qualifying commercial properties that have been more badly affected by the COVID-19 outbreak will pay no Property Tax.

—Businesses in other non-residential properties

will be granted a Property Tax Rebate of 30% for the year 2020.

—all government fees and charges will be frozen for one year,

Help with credit with

Enterprise Financing Scheme and the Temporary Bridging Loan Programme (TBLP)

Help for sectors most affected by COVID-19

Enhanced Jobs Support Schemes will be rolled out for business in the aviation, tourism and food service sectors.

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I feel that the government should help employed because it would affect badly especially to employed workers as they would need money to feed themselves and their family. Cutting down or not getting payment would just cause problem. I know this because drastic change of income would affect as employed workers as they manage their money based on how much they get monthly. This implies that cutting down or not getting of salary for the employed would cause big problem.

-Jenit

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I personally think that the government should provide economic support to the individuals and businesses. This is because due to the virus, people are losing their jobs and therefore losing their money. The government should help the people as if they do not help, the economy of the country will drop. The government can help by using tax money to help us with our job loss. During the virus period, the government to pay people who cant find jobs and employers and reluctant to hire people as they are scared to get infected by the virus. Therefore, The government should pay those jobless people as they are in need of money as it is not their fault that the virus has affected their jobs.

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Example of an additional article along with summary

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https://www.tutor2u.net/economics/reference/economic-cycle

This explains how the economy works.

1) The economy grows during a boom when people buy more things and businesses produce more goods to sell more.

2) More people are employed when businesses need to make more things and sell them

3) Government gets more money from taxes as well because they tax others based on their income and the number of things that are purchased.

4) A slowdown or recession is when people start spending less, and the economy decreases in size as businesses do not need to produce as many things, which might cause them to remove workers, which ultimately affects the tax revenue of governments.

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yes.
I think it is necessary to provide help to business and individuals.
Because there are shops that earn zero income due to the measures such as limit crowded place, which results in people avoiding shopping malls and the shops in there lose out. From the business point of view even though the measures is to protect the citizens but with this measures,  the business lost their income therefore is government who make this happen, therefore help is needed.

Cheng Lin

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The government should provide economic aid for individuals and businesses.

Due to the current situation of widespread Covid19, our world is facing an extreme economic recession. Countries like Singapore which depend on tourism industry, with the limit of traveling to different countries and areas  it is a great impact on this island. To be more specific, if there is no travelers, businesses will incur loss and can't be afford to pay their staff, retrenchment will happen. Hence, there will be the increase of jobless rate, people who have no job will fallback on their bill payments, basic necessities will become a problem for them, this will lead to the increase of population in crime rate as these people may be forced to do illegal things to afford their basic needs. This is the reasons why the government need to make sure that there are no retrenchment occurred by providing economic aid and allowances as if they are not doing so, we will face more serious problems.
Khoa

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Summary:the article is telling me that business are affected and the businessman does not want the government to help by:junshan

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I agree that the government should provide economic aid to individuals and businesses because if the government doesn’t support individuals and businesses,then they will not be able to earn money and this might cause them to go bankrupt which will led to them losing their jobs.Therefore,the government should support individuals and businesses so that they can support themselves financially.

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In my opinion, the government should provide economic aid towards the individuals and business as it may support the people a little bit with their lives since they are earning lesser to even help they family or themselves. Having this scheme let the person feel encouraged that they have money . They also would think that they should push further and earn more money so they can realize that they can earn more money than before and see their improvement

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The government should economic aid to those affected by the covid-19 after the pandemic as to help them earn more money and to help them survive.
This is because after the pandemic they will be able to earn more as people can now leave their homes to shop and the economy needs people to start working after the pandemic and this will help motivate them to work.Some people may say that people may not be motivated to earn more money if they already have money,I do not believe that as people now and in the past strived to do one thing and that is to earn a lot of money so I believe they will use the money to earn more by investing in businesses or start businesses to earn more money.

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Premier league would lose a lot of money as all the matches are canceled because sponsorship and advertisers would stop advertising them which causes them to lose a lot of money so the players  will have  to contribute by paying a certain amount of money to the premier league . This will cause financial problem for the players as there income  are already deducted .

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In my opinion, the government should not provide economic aid to businesses and individuals as due to the covid-19, eventhough the economic downturn is occurring and businesses are losing income, followed by the workers and individuals that may have lose their jobs, there is also people out there that is taking advantage of these help and wasting the government's money for them. In my article summary, I've read that the government is doing their best to aid business using the 3C's (cash flow, credit and cost), but there are also alot of people out there that is grabbing governments money eventhough they do not need it, reducing the resources for those that actually needs it. Therefore, the government should inspect who they are helping and who they are wasting their money on.
Brigitte

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The government should help those in need or those who cant help themself financially.they should help people with issues or with conditions.But also some businesses does not need government help because they have good plans to work with.And if the government helps the business they will not get enough  experience if it happens again.Also they are saying that entrepreneurs is to develop character and able to withstand hard times without the government.if the government help the business too much it create culture of dependence on the government.

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aits cash from wage support schemes, companies and self-employed individuals will be granted an automatic delay in income tax payments for 3 mo

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Summary: 4 ways the Resilience Budget is helping Singapore’s businesses stay afloat

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In my opinion, the governments should provide economic aids to individuals and businesses.This is because of people who are having loss in income or lost their job during the coronavirus outbreak. However, i also disagree as there are people taking advantage of the economic aids.

The governments should provide economic aids to people who are having loss in income or lost their jobs because they are having financial problems. This is because during the coronavirus outbreak, there are people who cannot  go to work which means that they cannot earn money.For example, when people cannot earn money, they will not have enough to buy food and other needs.Thus, the government should provide economic aids to these individuals or businesses so that they can survive through the outbreak .
However, there are some people who are taking advantage of the economic aids. This is because there are people who want free money and does not actually need it but they still take which cause some people who actually need the money to not have enough.For example, “With roughly 10 million Americans filing jobless claims over the last two weeks, and millions of small businesses seeking government aid to stay afloat, the need for the government to immediately push out money to Americans and into the staggering economy could hinder efforts to filter out efforts from potential fraudsters to seek relief funds”.Therefore, the governments should reconsider the way that they are providing the economic aids most effectively.
In conclusion, the government should provide economic aids for the individuals and businesses.However ,they should only give to those who actually need the money  or give them  priority so that they can survive through the outbreak.-deena

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Summary: When there is a crisis, like a pandemic such as Covid-19, the government is trying to provide assistance to businesses using the 3C's (cash flow, cost and credit) by providing financial help to the businesses that's undergoing economic downturn. To ease cash flow in businesses that waits cash from wage support schemes, companies and self-employed individuals will be granted an automatic delay in income tax payments for 3 months.
The government's try to help people and companies that is facing financial issues during the covid-19 pandemic. They provide financial help to people who needs the money or has loss their job, but there are people out there who took advantage of this plan and take the money eventhough they do not need it.

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I feel that the government should be helping the unemployed and employed. People who are unemployed should be receiving schemes and assistance by the government as now in this crisis the government efforts are not enough to help all unemployed. These unemployed are vulnerable as they can't keep up to ends meet. Moreover, the government should not neglect from the employed as they are facing problems too such as pay is cut and forced to work at home this causes many industries to suffer mostly the financial sector to go bankrupt as many of their events are canceled meaning that they can't promote their products.

Kurt

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I think governments should provide ecomomic aids to individuals and business because families will face financial problems like managing rental expenses and relationship problems.In the business world,business will go bankrupt and jobs may be lost for people working in the business.An example would be if the businesses  like  sports partners goes down supplies will not be sold and lesser people will buy their products resulting in the company going bankrupt
Therefore governments must provife economic aid to individuals and business.
By cristiano Thihina

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The government should provide economical aid to affected individuals with and businesses. As the price of rent is increased due to the outbreak many businesses are struggling to pay the rent as they don’t have many visitors example the F&B Operators doesn’t have many visitors than they used to as . Which will make it difficult to pay their rent and this leads to the landlord  wanting more money as many friends their tenants are not able to pay rent . Therefore the government should help out

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1）The government should help those who need
2)The businesses will depend on assistance from     government if the government always offer financial support to them
3)Then the businesses would not stay competitive as before
4)The businesses will not work hard as before
5)Those businesses with good plans have their ways to get money and find their way to success
-Fan Wei

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Four ways the resilience budget is helping singaporean business stay afloat.

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Four ways the resilience budget is helping singaporean business stay afloat.

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Summary
The government help with cash flow by granting an automatic deferment of income tax payment for 3 months.
Helping with business costs with by not paying property taxes.
Helping with credit with the enterprising finacial scheme and the temporary loan bridging programme.
And the enhance job support scheme to help sectors most affected by the covid-19.

Gareth

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https://www.channelnewsasia.com/news/singapore/commentary-government-assistance-to-businesses-dependency-less-9454818
The government should provide economic aid to these affected individuals and businesses as the economy is dropping because of the covid 19 . Companies have been shut down and people can’t earn money because they can’t go to work. They will have difficulty providing things for their family .
AJMI

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In my opinion, the government should provide economic aid to individuals and businesses especially does who have low-income. The covid 19 outbreak has had a great impact on Singapore’s economy one example is business closure. When a business closes stocks may go down and the business will have no more money to continue, this may lead to retrenchment. Low income families will be greatly affected by this as they may face financial difficulties, poor health.Low income families may be overwhelmed by the amount of pressure and may start to commit crimes therefore the government should start providing economic aid to individuals and businesses

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I think government should provide help the the individuals and businesses who loss job because of the current covid situation. Some individuals and businesses are forced to stop working due to the new government measures to against covid, they should be received a basic livelihood from government as a form of compensation .Also many families in SG husband is the only one who earn money, they depend on it to afford many things like kid's education,daily expenses and medical requirement.If the only income of a family  is affected by the situation ,they are going to face a serious financial problem,they may not even to be able to afford the daily expenses like meals. All of these happened because of the covid, hence government need to provide financial help to those affected citizens while setting up the new measures such as close down  the unnecessary shops.
Junrong

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From the article 'businesses should stay afloat' the article is saying disadvatages of the government about not helping business finanically develop because  of the enterperneurs getting crippled.And a businessman finds the answer not making sense.
By Thihina

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I feel that the government should provide economic aid to people as after reading the articles, i found out that lots of people have lost their jobs due to the COVID-19 outbreak. Ever since the outbreak occur, many people now are facing lots of difficulties as they have problems not having enough money to buy their own food. The reason why i feel that the government should provide economic acid to individuals and businesses is because if individuals do not have enough money, they will feel like suiciding. I feel that the government should show some concern towards them by providing some aid to them. For example, if the businesses is unable to continue anymore because they are losing money, they might have lots of emotion inside them and they might do something silly or things that are unnecessary. If the government don’t provide economic aid to them, there will be lots of lives being gone. Thus, i feel that the government should provide economic aid to individuals and businesses as this will resolve lots of problems such as people will not feel stress about earning enough money and lives being gone will also be reduced.
- Jun Cheng

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Retail ,food and F&B operators are struggling to pay their rent due to the virus outbreak . Instead they hope that tenants will reduce the rent amount . As since February the virus outbreak  Started keeping people away and tourists away from public places and businesses hope that there will be a decrease in the amount of rent

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I think the government should be helping the company financially as the the company also plays and important role for the countries economy, I  agree that the government should help only those who needs more help. for example, in this current situation, the covid-19 has caused many company and industries and the economy of the country will gradually decrease. the company should also get medical help from the government as because of the covid 19, the disease is very viral so the company needs to be safe

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Should everyone be helped? Or only a few people? Would it be fair to help those who are still employed? Or only those who are unemployed?

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The Govt should help the businesses individuals esp in time’s of crisis!
The Govt wasn’t helping the businesses b4 n rn they should regain the businesses trust n allow them to work with them.
~ princess

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1) the government is helping many businesses that are affected by COVID-19. They offering new schemes to help them with their budgets and salaries for their workers.
2) they also rebate the high rate of taxes/tariffs for most of the places like business centres, hotels and resorts.
3) Singaporeans also need to be cooperative to fight against these things.
4) the government also assigned billion of dollars in the budget to help most of the needy people and for people who lost their jobs. It is because they still need to pay for their expenses and their utilities.
5) It also provides a lot of help for companies which are affected because they still need to pay for their rent and salaries for their workers.
- Siva

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I read the last link and to summaries, it talks about retailers and food and beverages facing trouble paying their rent. Hence they want their rent expense to depend on their profit. It is due to the covid-19 that some individuals and businesses are facing a crisis. Putting myself in their shoes, i would want governments to take action and aid those who are and have yet to face trouble. For instant, i would want government to aid fees for rent and utilities expense for a period of time
From,
Sujan  ( dhai)

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I can infer that the corona virus has affected the economy by making people lose their jobs.
The 3rd source shows that 1 out of 20 British people lost their jobs due to the corona virus and 1 out of 10 people has their work hours reduced.
This implies that the virus has affected the economy by making people lose their jobs and eventually making the people poor due to their loss of jobs.
~ash

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I feel that the government should provide economic aid to individuals and businesses.
In my opinion, many people in Singapore are affected due to the outbreak of the covid19. Many people lost their jobs due to the virus which in turn will lead them to have a loss I'm their income. This can affect many people which are self employed especially. I feel that the government should provide economic stability with the people who are in need because of the virus as they will be affected massively and there is no other way that they can earn money because of the downturn of the economy. If the government provide them with economic aid I feel that this is sufficient for them to survive as they don't need to depend on their savings to survive.
My father is an insurance agent, he has been complaining about the virus because nobody wants to meet him to do business. This made him lose at least 35% of his revenue because of the pandemic. People who lose their jobs because of the economic downturn will result to using their savings to buy their necessary items. However, the uncertainty of the virus and the time for the economic growth will make people feel paranoid about what's to come.
I know that the government actually implemented and took out a lump sum of money from their reserve.
I know this because"

For 2020, qualifying commercial properties that have been more badly affected by the COVID-19 outbreak will pay no Property Tax. These include hotels, serviced apartments, tourist attractions, shops, and restaurants. This is a step up from the 15%-30% Property Tax Rebate announced earlier.

Businesses in other non-residential properties such as offices and industrial properties affected by the COVID-19 situation will be granted a Property Tax Rebate of 30% for the year 2020."

This shows that the government is putting in the effort to provide economic aid to the people who are in need because of the virus outbreak.
As a result, the government should provide economic aid to people as they are in need and they are digging into their reserve just to provide for the people who are in need.
-Marcus -Bryan

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Yes, it can be difficult to really find out where your money goes. Some people can claim that they need the money when actually they do not. Can you think of some ways that people cheat the government or even take away benefits from others who need it?

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Yes governments should provide economic aid to individuals and businesses because Low-income families are having hard time paying for bills or school fees for their children . As some business also need help from government because their business are going down. The Low-Income families needs financial needs and technology needs as they can work online from home. For example if there’s lock down in Singapore due to corona virus 🦠, the income earned will be cut from $3200 to $1500. Hence if they work at home , they may still earned some money while still the  government can give some financial support. As for business, if the shop closes down, they can still make people shop online. Hence government should provide economic aid  to individuals and business

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Business people think that governments' efforts to help businesses are not enough for them as they are still facing issues despite the schemes that were implemented by the governments.
Instead of relying more to the government, business people should play their part to work hard and take the initiative to do something that could boost their own businesses.

I feel that these kind of business people are not really trying their best and are only creating excuses to push the blame to the governments lack of help for businesses.

In my own opinion, governments should provide economic aid to affected individuals and businesses. For businesses,some business will still continue its operation even though the pandemic is still going on and it will affect them as people are highly encouraged to stay at home unless necessary. This means that businesses will not be be successful and might lead to lots of businesses having to close down as there's not much customers. They might then have to find other jobs that is stable enough for them to work admist this situation as they still have to earn a living for their family or themselves. At this rate,it will also be harder to earn a pay raise.

This will also affect the individuals as they will face lots of financial issues due to the current sitaution of the virus affecting lots of things.Without the economic aid provided by governments,it will be difficult for them to survive as they might not have enough necessities for themselves and they do not have enough money to buy things. In the end,individuals will suffer especially if they have other family members or loved ones to take care of.
In conclusion,i believe that gonvernments should provide economic aid to affected individuals and businesses.

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Government assistance to business-is less in fact more?

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Government assistance to business-is less in fact more?

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Summary
Singaporeans do not like government interference,government help causes a entitlement mindset,people critised a man for saying that people feel angry when they do not qualify for certain schemes.

Gareth

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The governments are trying to help the individuals and businesses who are having financial problems during the coronavirus outbreak.They are helping by giving out cash to the people who lost jobs or has a huge loss in their income.However, there are people who are taking advantage of that and are taking the money even though they do not need it as much as other people. This means that there might not be enough money to give to those people who actually need it.-deena

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The government should provide economic aid to individuals and businesses because from the articles, you are able to see that people are getting retrench and economic downturn has become serious. If the government do not provide and economic aid, citizens would go through the great depression as many people would not work and put food on the table for some families. Providing economic aids for buisness are beneficial as buisnesses have help Singapore to grow and reach to a first world country. Thus government should provide economic aid to individuals and buisness to assist them in times of crisis

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yes the goverment should provide economic aid

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yes the goverment should provide economic aid

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SUMARY: I read the first article about people opinions towards the goverment scheme ad one state that people will take advantage and always depend on the gov and does not know the hard work they have to face through without gov help. While the other person state that the competition now are high and with the help of gov, it makes the people move
forward than just nothing

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Summary:
More cases of fraud is on the rise causing the American economy to slowdown or causing a economic recession when the American government continues to hand out money. Many experts are concern and trying to detect as many fraud cases as possible.Many Americans will use this opportunity to abuse it as seen in the source many Americans on Friday are applying for bank loans.

Kurt

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I feel that government should provide economic aid to individuals and businesses . This is because I feel that businesses will not be able to survive circuit break and even more so for individuals. This is because if an individual who does not work. They will not earn money making them use their savings which are limited which may not be enough to survive the month. It can also cause people to do extra things such as buying large amounts of toilet paper or extra dry food that are more then you need . Which will leave nothing for the other family and also the low income family. That's why I think the government should focus more on the low income family as they just don't have the funds to survive as they need to pay bills and food which can cause them quite a problem if they don't work. It can also lead to people to do things such as stealing which lead to increase crime rate.
By: junshan

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goverenments should provide economic support to individuals and businesses. If no support is provided to the businnesses , singapore will suffer an economic downturn. An economic downturn happens when there is an occurance of economic crisis. "What is an economic downturn?"  An economic downturn is a widespread drop in spending (an adverse demand shock).  During this covid 19 pandemic , most of the flights and trading businesses have been closed down  to prevent further spread of the virus. Tourist industries/businnesses  will suffer due to flights closing down which means that no tourists will arrive in singapore. (No revenue and income) People who work in tourist industries will be affected as there is no revenue and income.

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https://www.channelnewsasia.com/news/singapore/commentary-government-assistance-to-businesses-dependency-less-9454818

https://www.gov.sg/article/4-ways-the-resilience-budget-is-helping-singapores-businesses-stay-afloat

https://www.wired.co.uk/article/uk-furlough-scheme-job-protection

https://www.theguardian.com/football/2020/apr/04/liverpool-become-latest-premier-league-club-to-furlough-non-playing-staff

https://www.wsj.com/articles/trump-administration-senate-democrats-said-to-reach-stimulus-bill-deal-11585113371

https://abcnews.go.com/Politics/experts-warn-big-dollar-fraud-22-trillion-coronavirus/story?id=69966232

https://www.channelnewsasia.com/news/business/tenants-need-unprecedented-rent-relief-amid-covid-19-outbreak-12598104