Covid-19 Business support
We’ve created this page to help business owners and entrepreneurs make sense of our current reality. We will continuously update this page as we learn more about the relief programmes available. Below you will find some helpful tips and resources for yourself and for your business to navigate through these unchartered waters.
Care for yourself
It’s vitally important for any entrepreneur and business owner to first care for yourself. By this we mean that your emotional intelligence and self-awareness skills needs to be in over-drive. You will also need to stay healthy and take care of your loved ones.
We want you to know that it’s ok to feel anxious and experience moments of fear and uncertainty. Don’t let the fear and anxiety take hold of you.
Take a few minutes and then move on. It’s very important for you, your employees and your business that you are healthy, both mentally and physical. So in short, to be a good leader for others, you first need to take off yourself.
It’s important for you to accept the things that you can’t change, to have the courage to change things that you can and to have the wisdom and self-awareness to know the difference.
Take care of your team & employees
How do you lead and inspire employees amid a global pandemic that’s creating anxiety and uncertainty everywhere?
You do your best to actively communicate with them, provide comfort and resources to help address their concerns, and if you don’t know the answers, be honest. It’s okay not to have all the answers as this situation is extremely dynamic.
In times of crisis, there are two directions human nature can take us: fear, helplessness and victimisation or actualisation and engagement. On the latter, if leaders have a clear way forward, human beings are amazingly resilient. There is a documented “rally effect.”
There are four universal needs that followers have of leaders:
“If leaders have a clear way forward, human beings are amazingly resilient. There is a documented “rally effect.”
These needs are especially urgent during crises. People look for these traits in their leaders as a signal that their life will be OK and that they can be part of the solution.
Understand your finances and your cashflow position
- Cut non-essential costs as far as you can.
- Focus on your debtors and collect as soon as possible.
- Contact your suppliers and ask about extended payment terms or payment holidays.
- Chat to us and lets see how we can help you to apply for an overdraft.
- Chat to your banker/funding partners like betterbanc about different options.
- Most importantly is to stay complaint.
- Explore new and alternative revenue options, now is a good time to revisit your customer’s pain point and see how you can change your business model to offer new products and services.
- Seriously consider online as a sales channel, this will become much more pervasive in the near future. You don’t want to lose out here.
What funding options are available
We will continiously update this sections as soon as new information becomes available.
Banks are starting to introduce some debt relief efforts to assist entrepreneurs and business owners. Our government in partnership with key stakeholders has introduced multiple options to assist business owners during these times. For more information on these options please follow this link .
1. Employee/Employer Relief scheme from UIF (TERS)
The Unemployment Insurance Fund (UIF) commissioner, Teboho Maruping, after consultation with UIF’s executive and the Board developed the Covid-19 Temporary Employer-Employee Relief Scheme (COVID-19 TERS) to contribute to the containment of the pandemic.
It provides employers and employees with a form of temporary relief during the upcoming weeks. Should you have further queries regarding the above please do not hesitate to contact us.
2. Current SARS initiatives
You can now delay SARS payments
Businesses with an annual turnover of less than R50 million, and who are tax compliant, will be allowed to delay 20% of their PAYE contributions over the next four months. A portion of your provisional corporate income tax payments can also be delayed for six months without incurring penalties or additional interest.
Increase in employee tax incentive payouts
SARS employment tax incentive reimbursements will also soon be paid out monthly instead of twice a year in a bid to get additional cash in the hands of compliant employers as soon as possible.
Claim more from the ETI incentive scheme
Businesses who employ young individuals and meet a certain set of requirements can already claim an incentive against the Employee Tax Incentive (ETI). These incentives will be increased by an additional tax subsidy of up to R500 per month for the next four months, limited to private sector employees earning less than R6 500 under the scheme
How can we help?
We are here for you and this is something that we all are a part of, we exist to help you achieve your business goals and realize your version of success.
If you need help with any of these options, please reach out to us for assistance.