COVID-19 – The responsible SA Business Response

**ians** · 22-Mar-20, 07:43 AM

Originally Posted by adrianh

Although I told my guy not to work this week I still paid him in full. I have money and he doesn't. I do what I think is right no matter who says what.

I am also in the same boat ......for how long i dont know... we are going to get to the point where we either pay the bond or pay wages ...we gona get to a point where the funds are going to run out ...then what ...sell your house to pay wages?

**adrianh** · 22-Mar-20, 10:42 AM

Originally Posted by ians

I am also in the same boat ......for how long i dont know... we are going to get to the point where we either pay the bond or pay wages ...we gona get to a point where the funds are going to run out ...then what ...sell your house to pay wages?

We all just do what we can....

**ians** · 22-Mar-20, 01:42 PM

I have just received a message from Standard bank ...GOOD NEWS... talking about paying wages or the bond... looks like the bank is offering a payment holiday from the 1 April - 30 June 2020

There are T&Cs (what doesnt have them) it is still good news...interest and fees will still be charged.

I have just watched the nation address ...are these ministers and the president immune to CV19 ? Everyone is going on about isolation and 1.5 m distances and large groups... non wearing masks and all standing right next to each other.

No real feedback ...just a lot of talk about them talking about the issue.

**adrianh** · 22-Mar-20, 02:27 PM

Well Trump told the americans that no more than 10 people should gather together at a time (he had 16 people in his TV delegation at the time.....)

Leading by example......she's not beeeeg....

**ians** · 23-Mar-20, 08:00 AM

I am sure Standard bank is gona be overwhelmed with calls this morning... people trying to figue out the message they sent out yesterday... then another sent out a couple hours later informing everyone that the first message was an error and only small enterprise customers business loan/s apply

Who actually qualifies for the payment holiday and does it mean the payment holiday is for the bond portion only ...but not the interest and fees.

Here is the catch ...my business is run from home ...my bond is in a joint account ... so which part qualifies for the payment holiday.

Lets say my bond is R5000 ...the monthly interest is R2300 and the fee is R60

The holiday is for the R2640 but the R2360 must still be paid ?

DO i actually qualify for the payment holiday ... the bond is not a business loan?

**Dave A** · 23-Mar-20, 08:03 AM

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** · 23-Mar-20, 08:22 AM

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** · 23-Mar-20, 08:43 AM

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** · 23-Mar-20, 11:36 AM

Originally Posted by 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.

What about things like car loans?

**Dave A** · 23-Mar-20, 07:27 PM

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.