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COVID-19 Stimulus and Support Measures- Government & Private Sector


Disclaimer: We have listed the support measures to assist businesses however, its incumbent on the user of this information to thoroughly evaluate all the information and its applicability.

 

No. Name of Fund Description Link
1 SMME Relief Finance Scheme The Department of Small Business Development made over R500 million available to assist SME’s through a simplified application process. Debt Relief Finance Scheme will offer loan funding to qualifying SMMEs which are negatively affected, directly or indirectly. due to the COVID-19 pandemic. Online application form available from 2 April 2020 and only SMMEs registered on www.smmesa.gov.za will be considered. www.smmesa.gov.za
2 Business Growth Resilience Facility Soft loan funding available to qualifying SMMEs that are manufacturing or producing what could be considered essential goods. Refers to businesses geared to take advantage of supply opportunities resulting from the Coronavirus pandemic or shortage of goods in the local market .Online application form available from 2 April 2020 and only SMMEs registered on www.smmesa.gov.za
will be considered.
www.smmesa.gov.za
3 Delayed PAYE payments Deferral of payment of 20 per cent of the PAYE liability, without SARS imposing administrative penalties and interest for the late payment thereof https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
4 Delay of provisional tax payment Deferral of a portion of the payment of the first and second provisional tax liability to SARS, without SARS imposing administrative penalties and interest for the late payment of the deferred amount: The first provisional tax payment due from 1 April 2020 to 30 September 2020 will be based on 15 percent of the estimated total tax liability, while the second provisional tax payment from 1 April 2020 to 31 March 2021 will be based on 65 percent of the estimated total tax liability https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
5 IDC COVID-19 Essential Supplies Intervention The Industrial Development Corporation, with the Department of Trade, Industry and Competition, has put a package together of more than R3 billion for industrial funding to assist vulnerable firms and fast-track financing for companies critical to efforts to fight the virus and its economic impact. In addition, R500 million has been allocated for trade finance to import essential medical products and R700 million has been allocated for working capital and equipment and machinery https://www.idc.co.za/2020/03/24/idc-interventions-in-response-to-covid-19/
6 Covid-19 Temporary Employee/Employee Relief Scheme To mitigate the impact of the 21-day national lockdown on workers, business and the economy, the UIF will be electronically processing applications for the Covid-19 TERS Benefit. Caring and responsible employers that are unable to pay the full salaries of the workers they send home for their health and safety due to the lockdown are encouraged to apply for the Covid-19 TERS Benefit from the UIF by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. from midnight tonight when the lockdown starts. http://www.labour.gov.za/
7 Employment Tax Incentive (ETI) reimbursements Increasing the maximum amount of ETI claimable during this four month period for employees eligible under the current ETI Act from R1 000 to R1 500 in the first qualifying twelve months and from R500 to R1 000 in the second twelve qualifying months. https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
8 Allowing a monthly ETI claim in the amount of R500 during this four month period for employees from the ages of: * 18 to 29 who are no longer eligible for the ETI as the employer has claimed ETI in respect of those employees for 24 months; and * 30 to 65 who are not eligible for the ETI due to their age
9 Accelerating the payment of employment tax incentive reimbursements from twice a year to monthly as a means of getting cash into the hands of tax compliant employers as soon as possible.
10 SARS will work towards accelerating the payment of employment tax incentive reimbursements from twice a year to monthly, in order to get cash into the hands of compliant employers
11 Exclusion from PAYE withholding obligation Where a loan is made by the COVID 19 disaster relief fund to the SMME and the amount of the loan is not paid directly to the SMME, but payment is made to the employees these payments do not give rise to PAYE withholding obligation by the SMME. These payments will be treated as income in the hands of the employees and will be subject to tax. https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
12 COIDA-19 claims for exposure at workplace Any employee who falls ill, through exposure at their workplace, will be paid through the Compensation Fund http://www.labour.gov.za/Pages/Default.aspx
13 Customs duty and VAT concessions on importation of “essential goods” There will be certain customs duty and VAT concessions on the importation of “essential goods”. Importers will be able to claim a full rebate of customs duty and VAT exemption on the importation of certain goods. A list of the qualifying goods is available on the International Trade Administration Commission (ITAC) website. In order to claim customs duty relief, the importer will need to https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
14 SARS Debt arrangements SARS have stated that businesses are required to be fully tax compliant and should keep their tax obligations up-to-date, however in instances where individuals are not compliant and have outstanding tax debt they should contact SARS for assistance before it is overdue. https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
15 Covid-19 Temporary Employee/Employee Relief Scheme The Unemployment Insurance Fund (UIF) and the Department of Employment and Labour have launched the new Covid-19 temporary employee relief scheme (TERS), which will assist workers who have been affected by Covid-19 across several sectors of the economy and provide income support to workers who have been temporarily or permanently sent home due to the Covid-19 outbreak. http://www.labour.gov.za/
16 Deductible donations made to COVID-19 disaster relief fund During the limited period of four months, donations made to a COVID-19 disaster relief trust will qualify for tax deduction in the hands of the donor. The donation will be subject to the limitation of 10 per cent of the taxable income under section 18A. https://www.sars.gov.za/Media/Pages/CoronaVirus.aspx
17 Solidarity Fund The Solidarity Fund, established by President Ramaphosa will be a rapid response vehicle through which individuals and organisations will be able to support South Africa’s mobilisation against COVID-19 through secure, tax-deductible donations. www.solidarityfund.co.za
18 Assistance from banks From 1 April 2020, major banks in South Africa will be offering various relief measures to businesses impacted by Covid-19. Banks will be assisting with solutions based on their client’s unique requirements and operations. Refer banks websites
19 Sukuma Relief Programme The Rupert family and Remgro Limited pledged R1 billion towards this financial aid. The Sukuma Relief Programme offers distinct and separate financial aid to formal sole proprietors and close corporations, companies, and trusts. https://finance.businesspartners.co.za/welcome-to-the-sukuma-relief-programme/
20 Tourism Relief Programme

** Note that the application process is not currently available**
The Department of Tourism has made an additional R200 million available to assist SMMEs in the tourism and hospitality sector who are under stress due to the new travel restriction.

The relief will be distributed in a spatially equitable manner to ensure that all provinces benefit
• At least 70% of beneficiaries will be businesses that are black owned
• At least 50% of beneficiaries will be businesses that are women owned
• At least 30% of beneficiaries will be businesses that are youth owned
• At least 4% of beneficiaries will be businesses that are owned by people with disabilities

https://www.tourism.gov.za/Pages/home.aspx