Photo by Alessio Lin on Unsplash.
What support is on offer to assist businesses that through no fault of their own are not allowed to trade? In addition to the Solidarity Fund there are others. The latest Fresh Produce Exporters Forum lists these in its latest newsletter, and we give the summary here.
These schemes are already up and running:
- The Employment Tax Incentive has been expanded to include all employees earning below R6,500 with a subsidy of R500, relieving the burden on businesses as they face a decline in revenue due to the lockdown. Visit https://www.sars.gov.za/TaxTypes/PAYE/ETI/ for more information.
- Tax breathing room: Businesses with a turnover of less than R50 million will be allowed to delay their PAYE tax payments over the next four months, and their provisional corporate income tax payments over the next six months, without penalties. Visit https://www.sars.gov.za/TaxTypes/PAYE/ for more information.
- Department of Small Business Development (DSBD) fund: The DSBD has allocated R500 million to assist SMEs whose operations are affected by COVID-19. Register on https://smmesa.gov.za.
- The Industrial Development Corporation has allocated R3 billion in funding for firms who produce essential goods to scale up their operations. Email [email protected], call 0860 693 888, or visit https://www.idc.co.za/2020/03/24/idc-interventions-inresponse-to-covid-19/ for more information.
- The South Africa Future Trust has been established to provide a further R1 billion in zero-interest loan funding to SMEs in distress. Visit https://oppgen.com/saft/ for more information about the scheme.
- Each of the commercial banks have an offering too. Enquire from your bank what it is.
