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How to utilise the R500 billion economic support package to benefit your business President Ramaphosa announced an economic support package during the COVID-19 pandemic equivalent to 10% of South Africa’s GDP. This R500 billion economic support package has been primarily directed at:   How will the support package be divided?
  1. The R500 billion will be funded through the reprioritisation of spending from the existing budget to the value of R130 billion, with the balance of the funds to be raised from the Unemployment Insurance Fund and other external finance institutions.
  2. The 6 key interventions of the R500 billion support package:
  How will this support package benefit your business?  
  1. Tax Relief Measures:
Businesses below the R100 million turnover threshold and who are tax compliant will qualify for tax deferrals.
  1. Loan Guarantee funding of R200 billion via the banking system:
  Some additional benefits and support are:   What is our advice to business owners?
  1. Ensure that your tax affairs are in order – only tax compliant businesses qualify for these relief measures.
  2. Monitor your finances and cash flow closely.
  3. Take care of yourself, your team, your clients and your community.
  4. Seek the opportunities that will undoubtedly arise.
  5. Remain calm, be positive and be decisive.
  Be safe everyone, stay indoors and look after each other. This crisis will pass! You are not alone. Together, we can do this!   Should you require any further assistance, please do not hesitate to contact us.