The DA has proposed the introduction of a four month payment holiday on loans given out to small and medium-sized businesses to cushion them against the devastating effects of the coronavirus crisis.
Numerous overseas countries have enacted a similar measure, DA finance spokesperson Geordin Hill-Lewis said in a letter to finance minister Tito Mboweni on Wednesday. “Let there be no doubt that this health disaster will also mean a full-scale economic recession with devastating consequences for thousands of businesses and millions of employees,” Hill-Lewis wrote in his letter.
Also proposed was a pause or reduction in rental payments by SMEs and a four-month pause in the payments by small businesses of UIF and workers’ compensation contributions as a form of cash flow support. The VAT threshold for small businesses should also be raised from R1m to R2m.
Source: News Formal (newsformal.com)
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