Covid-19 Relief for Individuals

RE: GOVERNMENT RELIEF FUNDS SMME SUPPORT

Persolvo aims to bring you first-hand information amidst all the COVID 19 period , we urge each Business to take some time and read through the next few emails about SMME Support programmes available from National  and Provincial government and its agencies.

Organisations wanting to apply for assistance from the Debt Relief Fund must register on the SMME South Africa portal at www.smmesa.gov.za so that a database can be created. The portal will become operational on Tuesday 24 March.

• Any employee who falls ill through exposure at their workplace, will be paid through the Compensation Fund;
• In the event that it becomes necessary, government will utilise the reserves within the Unemployment Insurance Fund (UIF) system to extend support to those workers in SMEs and other vulnerable firms who are faced with loss of income and whose companies are unable to provide support. Details of these will be made available within the next few days;
• Government will provide a tax subsidy of up to R500 per month for the next four months for those private sector employees earning below R6 500 under the Employment Tax Incentive.
• Tax-compliant businesses with a turnover of less than R50 million will be allowed to delay 20% of their pay-as-you-earn liabilities over the next four months and a portion of their provisional corporate income tax payments without penalties or interest over the next six months
• The Industrial Development Corporation has put a package together with the Department of Trade, Industry and Competition of more than R3 billion for industrial funding to address the situation of vulnerable firms and to fast-track financing for companies critical to our efforts to fight the virus and its economic impact;
• The Department of Tourism has made an additional R200 million available to assist SMEs in the tourism and hospitality sector who are under particular stress due to the new travel restrictions.
• In order to assist the distressed companies, a period of reprieve will be considered in order for companies not to contribute to the UIF.
• In instances where companies decide to close for a short period as a precautionary measure, the short-term UIF benefit will kick in. If a company contemplates a short term shut down, they are required to inform the Unemployment Insurance Fund.