How to access COVID-19 support for my business in Centurion?
We understand the impact of the COVID-19 pandemic on your business, currently and going forward. The Veritas Accountants team, are here to help and assist you, to lessen the numerous burdens on your business.
We are in a position, to assist you with any of the following cash flow relief, granted by our Government. We would like to inform you of the following procedures set in place to financially assist Small to Medium Enterprises.
COVID 19 – SARS TAX MEASURES
1. EXPANSION OF THE EMPLOYMENT TAX INCENTIVE (ETI) AND AMOUNT CLAIMABLE
2. DEFERRAL OF THE PAYMENT OF PAYE
3. DEFERRAL OF PROVISIONAL TAX LIABILITY
Point 2 and 3 above are applicable to all Small to Medium Enterprises with a yearly turnover of no more than R50 million.
COVID 19 – UNEMPLOYEMENT INSURANCE FUND – (UIF)
The following benefit types are available for Companies who are registered at the Unemployment:
Insurance fund and who contributes to the fund.
1. “Instances where companies decide to close for a short period as a pre – cautionary measure, the short-term UIF benefits will kick in as stipulated in Section 12(1) b of the Unemployment Insurance Act, as amended”
2. “Section 12 (1B) covers a contributor employed in any sector who loses his or her income due to reduces working time, despite still being employed, is entitled to benefits”
3. “Where a contributor has to be self-quarantined for 14 days and or in special circumstances more than 14 days, the contributor will be covered under Part C of the Unemployment Insurance Act, as amended (Illness benefits)”
4. Death Benefits
COVID-19 - SMME's - DEBT RELIEF FINANCE SCHEME
Businesses which are negatively affected, directly or indirectly, due to the COVID-19 pandemic, may apply for financial assistance. Please see below the qualifying criteria.
- The business must have been registered with CIPC by at least 28 February 2020;
- Company must be 100% owned by South African Citizens;
- Employees must be 70% South Africans;
- Priority will be given to businesses owned by Women, Youth and People with Disabilities;
- Be registered and compliant with SARS and UIF;
- SEDA will assist micro-enterprises to comply and request for assistance must be emailed to - firstname.lastname@example.org
- Whereas small and medium enterprises must ensure own compliance;
- Registration on the National SMME Database – https://smmesa.gov.za
- Proof that the business is negatively affected by COVID-19 pandemic;
- Complete the simplified online application platform;
- Company Statutory Documents;
- FICA documents (e.g. Municipal accounts, letter from traditional authority);
- Certified ID Copies of Directors;
- 3 months Bank Statements;
- Latest Annual Financial Statements or Latest Management Accounts not older than three months from date of application – where applicable;
- Business Profile;
- 6 months Cash Flow Projections – where applicable;
- Copy of Lease Agreement or Proof ownership if applying for rental relief;
- If applying for payroll relief, details of employees - as registered with UIF and including banking details – will be required as payroll payments will be made directly to employees;
- SMME employers who are not compliant with UIF must register before applying for relief;
- Facility Statements of Other Funders;
- Detail breakdown on application of funds including salaries, rent etc.
We will also be able to assist with a CSD (central supplier database) registration.
Also reach out to the Banking sector, as they also indicated cash flow relief. Please follow this link for more details - https://a.msn.com/r/2/BB11Uvtn?m=en-za&referrerID=InAppShare
We're here to help!
Please contact us if you require any assistance or additional information regarding the above matters.