UPDATE:
The Business Relief site has already gone over capacity as of Monday and the site is therefore temporarily closed to new applications, while the existing applications are processed. The site will open again as soon as additional funding can be sourced, and we will keep you updated.
The details of Johann Rupert’s R1-billion donation to offset the effects of the Covid-19 crisis have been announced.
Entrepreneurs (formal sole proprietors) can get a cash payment of R25,000 which is a once-off grant, and does not have to be repaid.
Businesses can also apply for this cash payment, as well as a low interest loan of up to R1-million. The loan comes with a 12-month repayment holiday.
What must businesses do?
Businesses must be tax-compliant, and prove that they were viable before the coronavirus affected them. Documents and supporting evidence will be required to corroborate that the business was viable, and that after the onset of Covid-19, the business has experienced a decrease in turnover, erosion of working capital, or an inability to pay salaries.
Sole proprietors will need to provide proof of an active bank account to show business activity prior to coronavirus, and will also need to be tax compliant.
Payouts will be made as fast as possible and hopefully within seven days of application, if approved.
How to Apply
Applications must be made online, and you must have all the supporting documents available to submit with your application.
Here is the website where you can apply:
With thanks to Business Insider and CNBC Africa for this information.
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