Many South African households have been affected by COVID-19 and will continue feeling the pinch in their finances. We’ve put together a list of funding initiatives that are aimed at assisting individuals and small businesses affected by COVID-19.
SPARK Schools and a number of organisations have heeded calls made by South African President Cyril Ramaphosa to play their part during this pandemic.
SPARK Schools COVID-19 Relief Project
To alleviate the financial pressure on our families, SPARK Schools has partnered with the Ignite Education Fund on the COVID-19 Relief Project, to raise funds for SPARK families who face retrenchments, salary cuts and lost income in their own businesses due to the pandemic. The fund will be seeking donations from businesses and individuals to ensure that SPARK students remain at school and that their education is not interrupted because of COVID-19.
The project will assist SPARK Families with financial support to pay school fees, the provision of educational tools and materials during the lockdown to avoid scholars falling behind on their studies and academic, social-emotional and community support to prevent lowered school attendance or dropouts.
Relief applications for SPARK families will open on the 28 April 2020 on the Ignite Education Fund website http://www.IgniteEducationFund.co.za/.
Most South African banks are giving a financial reprieve for clients, such as payment holidays on loans and house bonds. Banks are giving consumers a payment break of up to three months. These reprieves apply to both individuals and small businesses. To see if you qualify for a bank reprieve contact your bank or check their websites.
Standard Bank Financial relief for business
Absa Covid-19 payment relief
FNB Covid-19 Cashflow relief
Nedbank Covid-19 debt assistance
Capitec Credit relief
Small Business Financial Assistance
The government has announced a number of initiatives that will help aid South Africans whose finances have been affected by COVID-19. One of the funds is the COVID-19 SMME Relief Fund, which is facilitated by the department of small business development. The fund aims to help small businesses that have been impacted by COVID-19. To apply go to http://www.dsbd.gov.za/wp-content/uploads/2020/03/SMME-Debt-Relief-Scheme-1.pdf
Unemployment Insurance Fund
South Africans who’ve lost jobs due to COVID-19 can also apply for the Unemployment Insurance Fund (UIF). If you’ve been affected by COVID-19 you can apply in the department of labour’s website to get your unemployment benefits. To apply visit: https://www.ufiling.co.za/uif/
If your finances have been affected by COVID-19, please make use of these resources.