The South African Government, various philanthropists and a few large businesses have funding available to support smaller businesses.
Do you know where to apply? Have you applied? Have you been successful?
We would love to hear from you ….
Banks & Financial
Services
Keep in constant communication with your bank, who have a number
of options for relief, such as:
Accounting and Advisory Services
Receive latest updates and advice from your accounting firm, who are willing and very able to give you advice on where and how to receive support.
Strategic Business Support are a proactive professional services organisation that will partner with you in managing your financial affairs and growing your business. They have an excellent COVD-19 support service.
SARS Relief
SARS has offered a number of options, which can help to relieve cash flow by deferring payment.
Deferral of payment of Provisional Tax – For a period of twelve months (from 01 April 2020 to 31 March 2021), businesses with a turnover of less than R50 million per annum will be entitled to defer a portion of the payment of their first and second provisional tax liabilities to SARS without incurring interest and penalties from SARS.
Deferral of payment of Employees’ Tax – For a period of four months (from 01 April 2020 to 31 July 2020), businesses with a turnover of less than R50 million per annum will be entitled to defer 20% of their employees’ tax (PAYE) liabilities without incurring interest and penalties from SARS.
Employee Tax Incentive (ETI) Programme – The ETI programme (that encourages employers to hire young job seekers) will be expanded for four months (from 01 April 2020 to 31 July 2020)
UIF – TERS Benefit
Employers who have had to temporarily close their businesses, due to the lockdown and have suffered financial distress, may apply for money from government to help pay salaries.
The TERS Benefit will cover a period of up to three months, and also afterwards, if employers continue to struggle with their cash flow. Employers will have to prove that their businesses have been severely damaged by COVID-19 before they will get access to funding.
It is recommended that you use your payroll service provider to assist with the application.
SA Future Trust
The Oppenheimer family have set up a new trust, the SA Future Trust (SAFT), to disburse the family’s R1-billion that it has pledged to assist employees of small businesses.
Business owners can apply to access the fund via the country’s four main banks, the trust will disburse interest-free loans to employees over a five-year term.
Sukuma Relief Programme
The Rupert family and Remgro Limited pledged R1 billion to a fund which is being administered by Business Partners. The fund is currently closed due to the volume of applications, but keep watching and communicating as it should re-open.