Funding interventions

The President announced a number of funding interventions which we are listing for you in case you missed it.

  • Support the vulnerable – a solidarity fund has been created by Government that businesses can contribute to, to combat the spread of the virus and support affected lives –
  • A SME fund paid for by the Rupert and Opperheimer families total R2 billion.
  • Regulations to protect the food supply chain. So no food hoarding is necessary.
  • A safety net for SMEs in informal settlements.
  • Old age pensioners and disability grants to be made available earlier.
  • A special dispensation for companies that are in distress. This will provide a temporary employment relief scheme to avoid retrenchments of employees. Commercial banks exempted from the competition act to allow for co-operation.
  • UIF funds to be extended to workers in SMEs and vulnerable firms that cannot provide support.
  • Assisting businesses that may be in distress. Provide a tax subsidy up to R500 per month for employees earning below R6500 pm.
  • Accelerated employment tax incentive reimbursement to twice per year.
  • Tax compliant businesses with turnover of less than R50 million will be allowed to withhold 20% PAYE and provisional tax liabilities without penalties and interest.
  • Temporary reduction to UIF.
  • Small Business Development has made R500 million available to distressed SMEs.
  • Industrial Development Corporation’s R3 billion funding for distressed companies fighting the virus.