This Blogpost is there to try and bring you as much VERIFIED information with regards to Links to provide financial assistance as well as economic guidelines for the months ahead.

Above is the Media Briefing 13 April 2020 by Minister Mkhize and Professor Karim.

Below is the Slideshow Presentation you can download.

It is highly recommended that you view and also read the complete briefing for yourself,so that you can be aware of the FACTS and DATA behind the decisions our Government is making.

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OPINION PIECE:

The biggest concern for many people and small businesses (as well as, of course, several big businesses trading in non-essential items) apart from the imminent health implications the outbreak of Covid-19, is the uncertainty of how to survive economically.

 

The whole country is in Lockdown.  All businesses and individuals are affected, one way or another. 

 

The SARB Repo rate has dropped with 200 basis points – 2%. The REPO RATE, in a nutshell, determines how much interest you earn on investments and pay on debt in a nutshell.

 

Some people keep meticulous account of their spending.  Most don’t.  Once debit orders have gone off from their bank accounts, they will spend whatever they have until the next pay-date.

 

Many people live from credit cards, practicing what is called “kite-flying” – when people use one credit card to pay off another.

Below are some practical suggestions for those people who have lost their income or whose income is severely affected by the LOCKDOWN and the current situation.

 

Processing all the applications for relief will take time – we are in the middle of April now, so there is time to mitigate your circumstance.

 

1.       Write down all regular payments– this will include rent/bond payments, vehicle payments, insurance policies, clothing accounts, municipal accounts, maintenance, overheads, supplier payments and salaries etc if you have a small business, cellphone/internet/gym contracts etc.

2.       Write down how much is spent on food, entertainment, social and luxury items.

3.       Stop buying ANYTHING except what you absolutely need to survive.

4.       Cancel ALL non-essential subscriptions now – don’t wait until they lapse or the companies try to deduct the money from your bank account.

5.       Make a list of all the debt you have.

6.       Write down the institution, find their telephone number/email address and put your account number/ID number next to it with the latest balance you have.

7.       Request an updated statement to see if you have CREDIT Insurance.  If you do, request a CLAIM FORM – you will be able to claim if you qualify – from this insurance

8.       Contact at least ONE creditor per day (if you have several creditors) and make arrangements with them to pay at least a portion – even if it is minimal.  Make sure you do all of this in writing or follow a telephone conversation up with an email/text message to the company in question.  Most companies now offer a WhatsApp service. You are protected by the NCA in South Africa, if you keep making a payment, your assets may not be attached (in most instances)

9.       If you are a tenant – contact your Landlord and make an arrangement.  Your Landlord cannot evict you right now, but you still have to pay something.  Remember that your rent could be your Landlord’s only source of income.

10.   Do not be ashamed to register for assistance if you are in dire need.

11.   Consider Debt Review – this is a viable option if you are still employed but perhaps your income has been reduced. There is nothing wrong with applying for a service like this.  It will protect your assets (house, car etc) and you will be able to keep food on your table.

12.   If you are a small business owner, don’t give up.  If you can, in any way, try to keep paying your staff at least a portion of their salaries or assist them with relief applications.

13.   Think of ways you can position yourself to offer different services in this time but also try and think what will happen after LOCKDOWN.  The way we live will be changed.  Nothing will be the same.

14.   Get involved in your community – if you belong to a Community Facebook/WhatsApp Group, share uplifting posts, there are several lonely people out there.  Start your own group if you have a special interest.  Although we are all apart, there are ways we can grow closer together.

 

This is a very, very uncertain time for all of us.

 

How we act now, will determine how we emerge on the other side of this.

 

Assistance is being offered in various ways to South African citizens across ALL sectors of our economy, to ALL population groups.

 

Click the images below to download several application forms as well as links to more information of where you can apply for assistance.