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.
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