H.E Cyril Ramaphosa addresses the nation of South Africa today.
During the State of the Nation address, he has announced a 21 day nationwide lockdown.
In the state of the nation address, the president spoke about the measures the government will take to reduce the hardship which the pandemic and general lockdown will cause.
What measures are in place to protect the business that will suffer during the shutdown?
All channels of payment will be open (ATM, Postoffice, etc) they will support people whose livelihood will be affected because of the pandemic.
Temporary relief scheme to help employees. Any employee who falls ill will be paid through the compensation fund. Commercial banks will be expected to put measures in place to get the funds to the ones affected.
Large companies will pay workers who have contracted the virus at work. He said that the businesses have been called to look after their workers. A fund system will be used to help companies who cannot support their workers.
Assisting businesses in distress: a subsidy of 500 rands per month under employee tax incentives to help over 4 million workers.
Tax compliant businesses with turnover over 50 million Rands will be given tax cut without penalty over 6 months
This will support over 70 thousand SME’s.
500million Rand is made available to assist small medium enterprises that are distressed.
Over 3 billion Rands will be provided as industrial funding to address vulnerable firms.
200 million Rands will be used to support the department of tourism to assist tourist businesses under stress.
The president has cautioned all South Africans not to act in their selfish interest and use this situation to exploit the vunerable. Those who will seek to profit through corrupt means would be arrested.
We are a nation of one and we are surely going to prevail