The federal government says 319,755 employees of micro, small and medium enterprises (MSMEs) have benefitted from the payroll support scheme.
The announcement was made in a post on Thursday via the MSME survival fund’s official Twitter account.
The payroll support scheme is part of the N75 billion survival fund for micro, small, and medium-sized enterprises (MSMEs), which seeks to support and shield those firms from possible economic vulnerabilities caused by the COVID-19 pandemic.
As required by the scheme, the government will pay salaries to a limit of ten workers per eligible MSME for a three-month term.
To be eligible for the payroll assistance program, a company must be registered with the Corporate Affairs Commission (CAC), have a bank verification number (BVN), and have a minimum of 10 and a maximum of 50 employees. A Nigerian must also own the business.
Applicants must register on the survival fund website and complete the onboarding process by including information about their company, bank, and employees.
Businesses, according to the federal government, are entitled to receive payments under the program after their applications have been successfully validated.
The government expanded registration for the payroll support program in January to enable certain states to meet their beneficiary quotas.
The application portal has been reopened for applicants from states other than Benue, Plateau, Bauchi, Kano, Kaduna, Rivers, and the federal capital territory (FCT).
