14 Apr 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 – www.solidarityfund.co.za
- 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.