Please take note we are fully operational at CVW, should you need assistance please don’t hesitate, we are here for you.
Relief 1: Register on smmesa.gov.za
The Department of Small Business Development has made funds available to small businesses:
1.A turnover of less than R50m per annum
2. Must be 100% South African owned
3. Workforce must be made up of 70% of South African citizens.
Qualifying small businesses can apply to the relief fund, but you will be required to show the impact that COVID-19 has had on your business. You can register your business at smmesa.gov.za.
Relief 2: Temporary Employer-Employee Relief Scheme (COVID-19 TERS)
The COVID-19 Temporary Employer-Employee Relief Scheme (COVID-19 TERS) was put in place to help employers whose had to close their doors and ceased trading and can’t pay the full salaries of their staff they send home due to the lock down. These employers can then apply for funds to pay salaries on their behalf for a period of 3 months, or the duration of lock down. Please take not of the various requirements that you will need to comply with to qualify for this. For more information visit this link.
Relief 3: SARS PAYE Deferral
SARS has granted a four month payment deferral of 20% on their PAYE liability. However, this is merely a deferral of PAYE payments between 1 April 2020 and 31 July 2020 and the deferred PAYE liability must be paid to SARS in equal installments over the six months period from August 2020. Your first payment will be due on the 7th of September 2020. Only businesses that are tax compliant can make use of this deferral.
Relief 4: SARS Provisional Tax Deferral
SARS has granted Small businesses a 12 month proportionate payment deferral on provisional tax. This deferral commences on 1 April 2020 and goes up to 31 March 2021. The first provisional tax payment due from 1 April 2020 to 30 September 2020 will be based on 15% 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%b of the estimated total tax liability. Provisional taxpayers with deferred payments will be required to pay the full tax liability when making the third provisional tax payment in order to avoid interest charges. Only businesses that are tax compliant can make use of this deferral.
Relief 5: Employee Illness Compensation
Should any of your employees contract COVID-19 while at work, their medical expenses can be claimed from the Compensation for Occupational Injury and Disease. For more info, visit this link.
Relief 6: Employment Tax Incentive (ETI)
In order to minimise the loss of jobs during this Covid-19 period, Government proposed the expansion the ETI programme for four months (1 April 2020 to 31 July 2020) and works as follows:
- 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.
- 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.
- All of the above will run through your payroll so please speak to your accountant for more information.
Guide to UIF and other Covid-19 options
For access to the updated documents, forms and other relevant information referred to above, please CLICK HERE .
COVID–19 GUARANTEED LOAN SCHEME FOR SMALL AND MEDIUM ENTERPRISES
Panorama Office Estate,
Unit9 2nd Floor,
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TEL: 011 475 8888
FAX: 086 609 1613