Coronavirus: Government offers helping hand to small businesses

Coronavirus: Government offers helping hand to small businesses

- The South African government has implemented a number of new regulations in light of the coronavirus

- One of these measures includes some financial relief for small businesses affected by the outbreak

- Help has been offered to locally-owned companies that employ a majority of South African citizens

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The government has announced that it will be providing financial relief for small businesses that have been affected by the coronavirus pandemic.

eNCA reports that the help on offer is for South African owned businesses whose staff are mostly citizens.

Small Business Development Minister Khumbudzo Ntshavheni says that the state has put an additional debt relief facility for the small business sector due to it being one of the hardest hit by the outbreak:

“We've put in a facility for a national debt relief facility for small businesses in sectors such as the as hospitality. We are focusing on South African nationals, we want to do interventions, helping with repayment either with their mortgage, vehicle or whatever else they want assistance with."

READ ALSO: Covid-19: Ramaphosa reassures SA 'This will pass and we will recover'

The minister confirmed that a monitoring team will be deployed to trace how payments are made to avoid red tape during the outbreak in a bid to ensure the matter is fast-tracked.

Businesses seeking to access this help will be required to register on the SMME South Africa portal, which will be opening on Tuesday.

Briefly.co.za reported that President Cyril Ramaphosa had declared the matter a national disaster in an address over the weekend.

During the announcement, Ramaphosa had noted that the South African economy would be taking a knock during an already difficult time.

With the nation facing high levels of unemployment, a technical recession and other related issues, the measures announced will hopefully provide some relief.

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Source: Briefly.co.za

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