GUIDELINES FOR APPLICATION: DEBT RELIEF FINANCE SCHEME

GUIDELINES FOR APPLICATION: DEBT RELIEF FINANCE SCHEME

• 28 March 2020
• Corporate Tax
• Department: Small Business Development

GUIDELINES FOR APPLICATION: DEBT RELIEF FINANCE SCHEME: 28 March 2020

Businesses which are negatively affected, directly or indirectly, due to the Coronavirus pandemic can apply for debt relief.

1.1 Benefitting SMEs

Businesses which are negatively affected, directly or indirectly, due to the Coronavirus pandemic to mitigate against job losses and the expected harsh economic impact.

1.2 Qualifying Criteria:

a. The business must have been registered with CIPC by at least 28 February 2020;

b. Company must be 100% owned by South African Citizens;

c. Employees must be 70% South Africans;

d. Priority will be given to businesses owned by Women, Youth and People with Disabilities;

e. Be registered and compliant with SARS and UIF;

f. Seda will assist micro-enterprises to comply and request for assistance must be emailed to debtrelief@seda.org.za; Whereas small and medium enterprises must ensure own compliance;

g. Registration on the National SMME Database – https://smmesa.gov.za

h. Proof that the business is negatively affected by COVID-19 pandemic;

i. Complete the simplified online application platform;

j. Company Statutory Documents;

k. FICA documents (e.g. Municipal accounts, letter from traditional authority);

l. Certified ID Copies of Directors;

m. 3 months Bank Statements;

n. Latest Annual Financial Statements or Latest Management Accounts not older than three months from date of application – where applicable;

o. Business Profile;

p. 6 months Cash Flow Projections – where applicable;

q. Copy of Lease Agreement or Proof ownership if applying for rental relief; GUIDELINES FOR APPLICATION: DEBT RELIEF FINANCE SCHEME: 28 March 2020

r. If applying for payroll relief, details of employees - as registered with UIF and including banking details – will be required as payroll payments will be made directly to employees;

s. SMME employers who are not compliant with UIF must register before applying for relief;

t. Facility Statements of Other Funders;

u. Detail breakdown on application of funds including salaries, rent etc.

1.3 Application Process

a. Register on https://smmesa.gov.za/

b. Complete online Application Form (to be released on Thursday, 02 April 2020);

c. Upload Required Supporting Documents

info@dsbd.gov.za/ info@mybindu.org.za| 0860 663 7867 or 0860 ONE STOP

Please click here to view the document.

This article first appeared on sars.gov.za.

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