On the 23rd of March the ministry of small business development announced three main relief measures available to small and medium business enterprises.
In order to qualify for these, your business needs to prove that:
- Your business are 100% South African owned
- 70% of your employees are South African
- Your business must be registered and compliant with SARS
The SARS process takes time, but the aftermath of this pandemic will last many months, and relief might continue to be available after the six months currently envisaged. The Ministry has already confirmed that in an instance where SMMEs will require assistance in terms of the relief finance facility for longer than 6 months, the term may be extended dependent on their needs.
Therefore it is important to prioritise your registration and compliance getting registered and compliant with SARS in order to qualify for relief in months to come.