COVID-19 – The responsible SA Business Response

[Dave A]

At least Government and Business Unity SA are looking at how the Unemployment Insurance Fund might be able to assist through the crisis. If there is a shutdown, if the Fund could cover a percentage of the payroll where employment has been suspended (rather than employers retrenching / suspending employment / running out of benefits etc.)...

The worrying part is it took UIF ages to get the systems in place to deal with the new paternity leave benefit. There will be no such time luxury if a special "Coronavirus lay-off" benefit is introduced.

[ians]

So i contacted the bank to get the facts.

If you are with Standard bank and you received the same message i did ...it means your business loans are uptodate and you qualify for a payment holiday.

You can now apply for a the payment holiday.

You have to contact standard bank and prove you need the holiday by submitting proof of your loss of income (your accountant must submit the relevant documents)

You then have the choice of extending your bond for a a longer period ...at a "FEE"

or You can have the outstanding balance added to your capital amount and increase your monthly installment which will come into affect as soon as the payment holiday is up.

[ians]

The payment holiday from Standard bank is a good example of how the rich get richer and the poor get poorer... the only holiday is the island they go and enjoy sipping on cocktails while they laugh at the fools who are struggling to get by... the shareholders must be rubbing their hands together with a huge smile with all the additional profits to come.

Man they gona bend the public over and ride you like a pig as you squeal in these difficult times and months/years to come.

[adrianh]

The payment holiday from Standard bank is a good example of how the rich get richer and the poor get poorer... the only holiday is the island they go and enjoy sipping on cocktails while they laugh at the fools who are struggling to get by... the shareholders must be rubbing their hands together with a huge smile with all the additional profits to come.

Man they gona bend the public over and ride you like a pig as you squeal in these difficult times and months/years to come.

What about things like car loans?

[Dave A]

From the Standard Bank email doing the rounds...

Payment relief on Business Loans

As part of our ongoing commitment to support your business through this period Standard Bank will offer payment relief to our small enterprise clients with a turnover of less that R20 million from 01 April until 30 June 2020.

The terms of the repayment will be restructured to capitalise interest and fees on your current products with us, to be repaid over and extended term. This will be an automatic adjustment, however, should you not wish to take advantage of this payment relief period, please email Businessassist@standardbank.co.za.

For more information, please contact your Relationship manager or Banker or visit our website.

Customers who are in financial distress should contact us as soon as possible. The sooner we are informed, the sooner both parties can find a workable solution to address or resolve issues of financial distress.

[ians]

21 day lockdown ...that's me done... one thing i have learnt from this... all those assets which I have accumulated over a period of time mean absolutely nothing in a time like this... i will certainly be rethinking my stractergy going forward.


I have shared out what money i have left with my staff and taken a small portion for myself to buy food and stuff to get me through... i have sent them home to so they prepare for the shutdown.

[adrianh]

21 day lockdown ...that's me done... one thing i have learnt from this... all those assets which I have accumulated over a period of time mean absolutely nothing in a time like this... i will certainly be rethinking my stractergy going forward.


I have shared out what money i have left with my staff and taken a small portion for myself to buy food and stuff to get me through... i have sent them home to so they prepare for the shutdown.

See it as a time to take stock and decide what is really important to you. I set my life up so that I could work from home and be with my kids as much as possible. That decision is paying off now (in a somewhat strange way)

It isn't all doom and gloom - I like being on my own and as such this is an opportunity to catch up on some reading, R&D, doing tutorials etc.

We are still alive and the world hasn't ended. We have a lot to be thankful for even though we are living through this trying time.

Watch this video and stay safe. The cartoon just shows that although life has its ups n downs you can still be happy. Its all about your mindset.

https://www.youtube.com/watch?v=7WyR4AqRweY

[Jetjunky]

I am a small business owner, luckily I dont have any staff, however I do have loan accounts and suppliers to pay monthly. I thought I would be covered by my business interruption insurance. Reading the explanation of the cover on the website https://www.santam.co.za/blog/busine...your-business/ it sounds fantastic. However after visiting my broker today she emailed me the company response: this insurance only covers physical damage to property that prevents work. I swear in my next life I am going to work in insurance. You can always find a way to squirm out of covering your clients.

Quite honestly without any financial assistance my business will close, I can not last 3 weeks without income. What's worse is that the lockdown falls over month end which means my account customers are unlikely to pay until after they come back, whenever that will be...

[ians]

The shutdown hasnt even started and the rats have already started ... i am already getting calls offering loans.

[ians]

Adrian ...now we know what you do in your spare time

Its not all doom and gloom ...I am done financially (just my cash flow) what is important is i have what I need to make money ...my health and my equipment... i need about 60 days to finish all the projects at home... these next 21 days are gona be busy.

Cleared out all the scrap metal and took it to the dump ...got a couple hundred bucks... paid for supplies for the house

[adrianh]

Sign of the times ... Tinder pick up line!

[ians]

Wouldnt plumbing and electrical be regarded as an essential service?

[adrianh]

[QUOTE=ians;154775]Adrian ...now we know what you do in your spare time

LoL - "Spare Time" now that is a strange concept. My work / hobbies / relaxation is all rolled into one.

Anyway, I understand that my lifestyle and outlook on life are not norm so best I keep quiet about such things...

Be Safe, Be Healthy and most of all Be Happy...

[ians]

Business question.

As a small business who qualifies and a basic procedure to apply for the support?

[ians]

Business question.

A list of essential services who will continue to operate besides doctors...nurses...police...security companies?

For example ...you can go fishing if you have a commercial license and provide food.