IN FULL: President updates the nation on Covid-19 relief measures
We have met with Premiers, MECs and Metro Mayors and with the members of the Presidential Economic Advisory Council.
If we are to successfully manage the anticipated surge in cases and ensure that everyone who needs treatment receives it, we must provide for additional expenditure on personal protective equipment for health workers, community screening, an increase in testing capacity, additional beds in field hospitals, ventilators, medicine and staffing.
While we have put in place measures to protect the wages of workers in the formal economy and have extended support to small, medium and micro-sized businesses, millions of South Africans in the informal economy and those without employment are struggling to survive.To reach the most vulnerable families in the country, we have decided on a temporary 6-month Coronavirus grant.
We have recognised that the food distribution capacity of government is not adequate to meet the huge need that has arisen since the start of the epidemic. We will not hesitate to ensure that those involved in such activities face the full might of the law. R40 billion has been set aside for income support payments for workers whose employers are not able to pay their wages.
While these measures are providing obvious relief to many companies and workers, it is clear that there is a far greater need across the entire economy. To assist a greater number of businesses, the previous turnover threshold for tax deferrals is being increased to R100 million a year, and the proportion of PAYE payment that can be deferred will be increased to 35 percent.
In total these tax measures should provide at least R70 billion in cash flow relief or direct payments to businesses and individuals. As I have said previously, if we end the lockdown too soon or too abruptly, we risk a massive and uncontrollable resurgence of the disease.
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