Covid-19/ Coronavirus Financial information

Information relating to Coronavirus for South Africa

I have been getting queries not specifically related to Financial Services about Coronavirus. In the modern world with all the different channels, i am finding it impossible to keep up with these queries.

Unfortunately, even with a lockdown… time is at a premium … therefore, i have put up this blog post with pertinent information for South Africans.

So, information that i come across that is pertinent to business owners, employees and product specific (financial products) i will post on this page and link to the home page so you can find it easily. (not medical information).

I will keep the page updated for the duration of this lockdown (assuming no extension on the lockdown). Scroll down the page to find information you are looking for.

General advice for business owners– run your numbers; speak to all your creditors; consider offering discounts to debtors to get payments in; be as creative as you can (brainstorm all ideas to keep running) and seek what help you can from posts below.

General advice employees- understand business position; speak to all creditors and arrange what you can; also be creative (can you add more value either through your employment or in another way) and also read through posts below- as some pertain to employees.

Relief can be found through banks, through the South African Future Trust (the donated monies as per tv, Oppenheimer and so on), through creditors, through credit insurance, through industry specific funds being set up… and so on.

 

My suggestion is look through each of the areas below and see where and what you can qualify for.

Good luck to all; stay safe and believe you will create and pull through!

 

Contents

  • Watch to get in the mood

  • Credit Insurance – you may be covered

  • Banks

  • South African Future Trust

  • Solidarity Fund

  • Sukuma Relief Fund

  • Government

  • Additional Summary of a lot of the places for help by Business Insider

  • Relief offered by Insurers

  • Summary of relief options available.

(the summary above is taken from all the options linked to in the content. Intended as a check for you to make sure you have used all options).


  • Watch to get in the mood.

 

  • Credit Insurance – you may be covered

You could have some debt insured under this, please read this article:

https://www.businessinsider.co.za/how-do-i-get-credit-insurance-home-loan-credit-card-2020-4

 

  • Banks

These are the people that will qualify for coronavirus financial relief, according to South African banks

https://businesstech.co.za/news/banking/386049/these-are-the-people-that-will-qualify-for-coronavirus-financial-relief-according-to-south-african-banks/

(gives summary of relief offered by banks- including links to each banks specific help criteria etc.)

FNB:

These measures will run from 1 April – 30 June 2020 and are aimed at providing relief to individual and business customers whose financial stability has been impacted by Covid-19, the group said.

FNB announces coronavirus relief measures for customers

https://www.fnb.co.za/press-office/index.html

Standard Bank

Standard Bank are using a Covid-19 page, where you can access a lot of information on their business and personal relief measures. You can also contact them directly from the page.

Including more information  on the SAFT (South African Future Trust) for SMME’s- the fund that Nicky and Jonathan Oppenheimer have set up.

https://www.standardbank.co.za/southafrica/personal/campaigns/covid-19?intcmp=coza-sitewide-alertbanner-personal-covid19site

 

Absa

Also using a page showing Covid-19 relief measures.

https://www.absa.co.za/media-centre/press-statements/2020/covid-19-payment-relief-programme/

 

  • Article on the South African Future Trust (help for small businesses):

https://www.businesslive.co.za/bd/national/2020-03-31-we-cannot-afford-to-switch-sas-economic-engine-off-says-oppenheimer/?utm_medium=Social&utm_source=Twitter#Echobox=1585679106

The Oppenheimers’ R1 billion fund for businesses will be available this week – here’s how it works

  • Solidarity Fund

https://www.solidarityfund.co.za/

 

SME Financial Aid Application Centre

  • Government

The South African Coronavirus site. (linked to page that gives number to contact for help if you suspect you have coronavirus)

https://sacoronavirus.co.za/category/tool-kits/

Western Cape Government (helping business understand and adapt to lockdown regulations). (INCLUDES resources for businesses in Western Cape)

https://www.westerncape.gov.za/news/helping-businesses-understand-and-adapt-lockdown-regulations

Car licences renewals in lockdown

New driver’s licence, car licence and registration rules South Africans should know about

https://businesstech.co.za/news/motoring/386279/new-drivers-licence-car-licence-and-registration-rules-south-africans-should-know-about/?fbclid=IwAR03tTZcEjGMuogELlbbhLOzMWwr-UoiMmeE95nt5KqqfbqVu_nO2Ab9LAs

  • Additional Summary of a lot of the places for help by Business Insider

As i was busy putting this post together Business Insider came out with a very good post – below.

https://www.businessinsider.co.za/what-financial-help-can-i-get-coronavirus-2020-3

 

  • Relief offered by Insurers

Discovery

Discovery Insure Clients – please see relief from Discovery Insure. I have removed the brochure , there are 2 forms of relief, fuel premium relief  benefit and excess funder account premium relief benefit. Note: speak to your broker, there are qualifying criteria.

 

Summary document from Discovery (DISCOVERY LIFE; DISCOVERY INSURE; DISCOVERY INVEST) these are options available for relief.

I have removed this document. Please be in CONTACT WITH YOUR BROKER if you are experiencing financial issues as a result of the pandemic. There are qualifying criteria for the different relief options, so they will be best placed to help ascertain if you qualify.

Discovery health relief  scheme is with Council for Medical Schemes for approval.

 

 

Hollard

For affordability issues they have indicated they will have a “special downgrade endorsement” and “grace period extension”- communication will be made to policy holders next week.

Contact your broker.

 

Momentum Funds at Work

Momentum FAW are ofering 3 options for funds under their umbrella fund. You would have received this communication from them.

Summary of options for relief available.

 

EmployerEmployee/ Individual
Self employed- check if you have credit insurancecredit insurance
South African Future Trust (SAFT).(Express purpose for paying employees salaries). Interest free loans, repayable over 5 years. Employees no liability. Through banks.
Sukuma Relief Fund.
(for formal Sole proprietors. For business entities: Close Corporations; Companies and Trusts
(Grants and low interest loans, with 12 month repayment holiday).
Tax breaks for companies. See post: https://www.businessinsider.co.za/what-financial-help-can-i-get-coronavirus-2020-3tax breaks for employees, see post to the left.
Rent- negotiate with landlordRent- negotiate with landlord
UIF payments.
Relief from insurers and life insurers. Contact company or your broker.
Government:
"Debt relief scheme"
see post:https://www.businessinsider.co.za/what-financial-help-can-i-get-coronavirus-2020-3
Government:
"Business growth/Resilience facility".
See post:https://www.businessinsider.co.za/what-financial-help-can-i-get-coronavirus-2020-3
Delays in payment of provisional tax.
Delay in employee tax payments.
Different sector specific funds.
See post: https://www.businessinsider.co.za/what-financial-help-can-i-get-coronavirus-2020-3
Pension Funds:
See Broker for relief offered for companies via Momentum Funds at Work.

 

Covid-19/ Coronavirus Financial information was last modified: April 6th, 2020 by Kenny Williamson

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