The Federal government had launched the survival fund scheme as a grant to help provide MSMEs with immediate relief from the harsh economic impact, as a result of the COVID-19 pandemic that ravages the world.
Eligible businesses must have the following requirement;
A. Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC, and SMEDAN Unique Identity Number (SUIN)
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
Visit the official registration portal at www.survivalfundapplication.com and click on ‘Sign Up’. Select your Registration Type, which is the MSME Payroll Support.
STEP 1 – 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. Enter your personal information (full name, email address, mobile number). Then, choose a password, enter your date of birth and residential address details.
If you have special needs, ensure you tick the special needs box. Accept terms and conditions to complete your registration.
STEP 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.
STEP 3 – 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.
STEP 4: 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.
All applicants are expected to make ready scanned copies of the following documents, they are expected to be available for upload online from Thursday, 1st October 2020.
• Company Registration Details (Reg. No. & TIN)
• Annual Turnover for the last 12 months
• Employee Account Numbers and BVNs
• Proof of last three (3) salaries paid to your employees.
MSME Survival Fund FAQ (Frequently Asked Question)
1. The Page That Will Allow Upload of Employees Details Absent? According to MSME Survival Fund Project Delivery Office (PDO), the feature that will allow businesses to add their employee details will be enabled on 1st of October, 2020.
2. Is There Limit to The Number of Employees That Can Be Enrolled for the Scheme? Yes, a minimum of 3 employees and a maximum of 10 employees
3. Is MSME Survival Fund Payroll Support Loan or Grant? The MSME Survival Fund Payroll Support is a grant and not a Loan. FG is not expecting beneficiaries of the fund to pay back
4. When will registration end? Registration has been split for easy administration, nevertheless, all sector registration will continue until Thursday 15 October 2020
This article first appeared on Nigeria Business Information on September 25, 2020