The Federal Government has commenced registration for the payroll support scheme of the N75 billion Survival Fund. The fund is aimed at supporting vulnerable Micro, Small and Medium-sized Enterprises (MSMEs) post-COVID-19.
The government launched the MSME survival fund scheme to award conditional grants to help provide MSMEs with immediate relief from the harsh economic impact of the COVID-19 pandemic.
According to the government, the scheme has made provision for 45% participation by female-owned businesses and 5% special needs participation.
Target beneficiaries of the payroll support scheme are employees of MSMEs and self-employed individuals. To be eligible, benefiting companies must be registered under the Corporate Affairs Commission (CAC), have BVN by the CEO, have a staff strength of no less than three (3) persons and be owned by Nigerians.
For self-employed individuals to qualify, they must be service providers in the transport sector such as bus/taxi drivers, ride hailing drivers (Uber, Taxify etc) and mechanics. Artisans including plumbers and electricians are also eligible.
Here are the steps involved to apply for the MSME Survival Fund payroll support.
First, go to survivalfundapplication.com on your mobile phone or personal computer. Click on “Sign Up” to start.
After your account has been activated, the next step is to choose your registration type. Click “Payroll Support Register” to proceed. The Payroll Support Scheme is the only scheme currently open for registration. The Guaranteed Offtake and MSME Grant schemes are not yet open for application
At this stage, correctly enter your personal information including your email address and mobile number (last 10 digits, don’t include the initial “0”). Choose a secure password you can easily remember then 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.
Now that you have successfully completed your registration, you have to activate your account using the 6-digit activation code sent to your mobile number and email. Enter the code to activate your account
Now that you can view your profile and track your application progress, fill in your company and bank account details. The asterisked (*) parts such as your company name and headquarters must be filled. Also select your business type – limited liability, non-profit or sole proprietor.
Enter your Corporate Affairs Commission (CAC) number, Tax Identification Number (TIN) and Value Added Tax (VAT) number. You are required to enter your Small and Medium Enterprises Development Agency SMEDAN Unique Identity Number (SUIN). Go to www.smedanregister.ng to get your SUIN.
Fill in your bank account details and input your Bank Verification Number (BVN). Complete other parts of the form and double-check your entries to ensure there are no errors. Then you will be set for the fund.