- Annual turnover <R25 million
- Trading for at least 24 months
- Sustainable business on 29 Feb 2020
- Business adversely impacted by COVID-19
IDC – ESSENTIAL SUPPLIES
INTERVENTION
- Loan
- R750/employee per week limited to 15 weeks (R11 250)
- Funds transferred directly to employees
- Employer repays the loan
- Repayable within 60 months
- Interest free
- Employee benefit not taxed
Eligible employers apply via their preferred partner bank (Standard Bank, ABSA, FNB, Investec, Nedbank and Mercantile Bank) provide a list of names of employees “atrisk” duetoCOVID-19.
The SMME must be an existing client of the partner bank in order to apply.
