- The coronavirus hit South African pockets hard when the current 21-day lockdown was announced
- Most economic activities came to a grinding halt and many are worried about their financial future
- Briefly.co.za explores the current measures put into place by government and other entities
Some citizens are less concerned about the health implications of the coronavirus pandemic and more concerned over the effect the crisis has had on their finances.
With the current 21-day lockdown bringing most companies to a complete standstill, businesses and employees alike are stressing about the economic impact of the situation.
Briefly.co.za explores the current measures put into play in a bid to relieve some of the strain:
2. All businesses:
- SARS has announced the Employment Tax Incentive programme, allowing companies to claim back a certain portion of the tax paid per employee.
- The Unemployment Insurance Fund will help distressed companies pay workers a percentage of their salary. This benefit is capped at R6 730 a month.
- New regulations have allowed large property owners to work together with retailers and put forward rent relief schemes.
- However, BusinessInsider reports that there is currently no official announcement on rental holidays
3. Small and medium-sized businesses
- The government has established the Debt Relief Finance Scheme to help small businesses with funding
- The state has also launched the Business Growth and Resilience Facilities which aims to help small companies take advantage of supply opportunities relating to the coronavirus.
- A delay in employee tax payments has been announced, with businesses allowed to pay 15% after 6 months and then 50% by the end of the current tax year. The balance is expected by 30 September 2021 and this is only for companies with a turnover of less than R50 million per annum
4. For citizens:
- South African banks have announced varying options to help clients including payment holidays on qualifying loans
- Momentum short-insurance clients can obtain early cashback payments for no-claims and safety bonuses
- MiWay clients will receive an automatic 10% reduction on car insurance premiums during April
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