Over 30,000 small- and medium-sized enterprises (SMEs) have closed shop since the movement control order (MCO) was implemented in March. Entrepreneur Development and Cooperatives Minister Wan Junaidi Tuanku Jaafar said 9,675 SMEs ceased operations during the first phase of the MCO from March 18 to June 9, and 22,794 during the recovery MCO phase from June to September. “The highest figure was recorded in August with 17,800 SMEs ending operations,” he said, citing statistics from the Companies Commission of Malaysia
Wan Junaidi said surveys conducted by the ministry found that the majority of businesses that closed were micro SMEs, making up 79.5% of the closures during the MCO and 70.8% during the RMCO. He also said the majority of the micro SMEs it surveyed had yet to receive government assistance.