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Disclaimer: The information provided is intended as a guide to help you make the best choices in steering your business through the trying economic crises during and after the Covid-19 pandemic. It is not legal opinion - we are not lawyers. The information presented might also not be 100% factually accurate. We are doing the best we can with the knowledge we have. The information out there is constantly being changed and updated by the powers that be. The information is interpreted by lawyers, professional accounting bodies, the media and others and these interpretations vary widely and are often contradictory. Please verify all information before acting on it if there is any doubt in your mind as to the validity of assumptions made by us or any other source.
21 April 2020
UPDATE:
- Some of the bigger players are now rolling out very good resources and summaries to help inform business decision making during the COVID-19 lock-down. Please have a look at the Wesgrow website and the DGE Chartered Accountant pdf power point presentation. These are the best resources we could find so far. Our thanks to both organizations for making the information available.
- Please note that the UIF Covid-TERS applications have now switched to online applications at https://uifecc.labour.gov.za/covid19/ . This promises to speed things up dramatically.
- We've seen reports that the Covid-TERS payouts are coming through and at some speed. Unfortunately it is not accompanied by a breakdown on how the monies are to be allocated to the different employees. Consider apportioning the pay-outs to the minimum amount of R3,500 per employee adjusted to your claim period (full month or just to 16 April for early submissions) and pay the difference out once the apportionment details are received.
- If you have claimed up to the 16th of April in your first Covid-TERS application, please add a second claim for the period 17 April to 30 April and adjust the .csv file name accordingly (numbered 2 or 02 at the end of the name).
Debt Relief Finance Scheme for SMME's
Tax Breaks
- Employment Tax Incentive
- PAYE
- Provisional Tax
- VAT - no tax breaks (only for imports and exports)
Non-government funding
Funds made available by the business sector
- Rupert donation via Business Partners
- Oppenheimer donation
- Motsepe donation
Personal Finance Options
Personal Financial Options while your business is cash constrained
- Bond and payment holidays
- Credit life insurance and income protection insurance
