Solidarity Fund: 'Not all small businesses covered, given our fiscal problem'
Small businesses are going to take massive blows over the next few weeks and months.
Many will cease to exist, taking the livelihoods of employees with them.
The government has created a relief fund for small businesses worth R750 million.
On top of that, Johann Rupert and Nicky Oppenheimer are giving away R2 billion towards keeping small firms from going under and to help workers who suffer a loss of income.
Clement Manyathela interviewed independent economist Dr. Thabi Leoka.
He also spoke to Jon Paris, Head of Commercial at A2Pay.
Not all businesses will be covered... given our fiscal problem... unlike many other countries... but there has been this solidarity fund... seeded by Government to the tune of R750 million and the two famous billionaires contributing R1 billion each...Dr. Thabi Leoka, economist
The IDC is also funding an amount of R3 billion, mainly to manufacturers...Dr. Thabi Leoka, economist
It’s not yet clear [who will benefit from the Solidarity Fund]…Dr. Thabi Leoka, economist
There is funding allocated to the informal sector... About 3.9 million South Africans belong to this sector...Dr. Thabi Leoka, economist
Banks will assist you accordingly, especially those in good standing... It’s not all doom and gloom...Dr. Thabi Leoka, economist
There will be a safety net for informal businesses... We hope that spaza shops do stay open... They are close to the community... We’re hoping their sales increase...Jon Paris, Head of Commercial - A2Pay
For more detail, listen to the interviews in the audio below.
At its peak, South Africa ranked 5th in the world. The country ranks 13th by the total number of deaths.Read More
Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.Read More
"Retailers were quick to hike prices but slow to lower them,” says the Competition Commission. "There’s a history of this."Read More
The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).Read More
Wealthy nations representing 13% of the world’s population already bought 2.7 billion yet-to-be-made vaccines, says Oxfam.Read More
Cape Town's swanky city centre may soon have far more people living in it, says David Seinker, CEO at The Business Exchange.Read More
Dr Jody Boffa says while the decline in Covid-19 cases is positive, it's important to remember that the rules still apply.Read More
Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.Read More
The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.Read More
"People are tired of staying at home! They want to come out and have fun," says the clearly excited Tasso Evangelinos (CCID).Read More