God bless South Africa!
by Amanda Roothman on 23 March 2020
South Africa, there is hope!
What a positive national address, President Ramaphosa!
We applaud you!
A big thanks was given to:
- South Africans for taking responsibility in changing their behaviour, and residents were saluted by Government for their determination, sense of purpose, and responsibility.
- Every single sector of society has accepted the role that it needs to play to combat Covid-19.
South Africa will be on lock-down for 21 days, starting at midnight, 26 March 2020 until midnight 16 April 2020.
This will have a considerable impact on our economy, but without this, the human cost of delaying this, will be far, far greater!
Interventions to be put in place:
- Solidarity fund (www.solidarityfund.co.za) will be set up, where all South Africans can contribute to, to combat the spread of the virus, care for the ill and support those whose lives are disrupted.
- Government is providing seed capital of R 150 million.
- Private sector has already pledged. (Big shout out to Rupert & Oppenheimer families, each pledging R1 billion!!) to assist small businesses and their employees affected.
Government is in consultation for special dispensation for companies that are in distress.
- Employees will receive wage payment through a temporality employee relief scheme (TERS)·
- Any employee who falls ill due through exposure at their workplace, will be paid through the compensation fund.
- Commercial banks – exempted from the provisions of the competitions act, for debt relief measures to be put in place.
- When necessary, the reserves from the UIF fund will be utilised, to extend support to employees in SME’s and other companies who are unable to provide support. Details will be made available within the next few days.
- Tax subsidy of up to R 500 per month for the next four months for private sector employees, earning below R 6 500 under the Employment Tax Incentive Scheme.
- SARS will accelerate the payment of ETI reimbursements from twice a year to monthly;
- Tax compliant businesses with a turnover of less than R50 million, will be allowed to delay 20% of their PAYE liabilities over the next four months and a portion of their provisional corporate tax without penalties for the next six months.
- Possible temporary reduction of UIF payments, as well as payments to the Skills Development Fund.
- Over R500 million has been made available to assist small and medium enterprises that are in distress through a simplified application process.
- The Department of Tourism has made an additional R200 million available to assist SME’s in the tourism and hospitality sector, due to the travel restrictions.
South Africans be courageous, patient, and above all, show solidarity and compassion to one another!
God bless South Africa!