Many home-owners are worried about not being able to pay their bond instalments over the next few months as they face the prospect of reduced earnings during the lockdown being put in place to combat the Covid19 epidemic, and possibly even after that as the economy will take time to recover from the disruption.
However, you shouldn’t panic as many new economic relief measures that will help you keep your home are already being put in place by the public and the private sectors.
- Many banks have announced "payment breaks" on all sorts of loans, including home loans
After determining if you qualify you need to see what financial assistance you are entitled to claim to make it easier to resume your bond or rent payments (and other debt repayments) as soon as possible:
- If you were infected with the Covid19 virus at work, you may be entitled to claim from the Compensation Fund. You can find out by emailing email@example.com.
- If you are about to lose your job because of Covid19, work with your employer to find out what you can claim from the Unemployment Insurance Fund. An amount of R30bn has been allocated to a special National Disaster Benefit Fund, to pay UIF benefits of R3500 a month (the national minimum wage) to qualifying workers for a period of three months. After that, normal sliding-scale UIF benefits will apply.
- If your employer has been paying your UIF contributions, they may be able to get help to pay your wages/ salary through the Temporary Employee Relief Scheme. You can email infoTERS@labour.gov.za for more information.
• Save on tax and divert the money temporarily. If you are the owner of a small business that is tax compliant, you will be allowed to delay 20% of your pay-as-you-earn liabilities over the next four months and a portion of your provisional corporate income tax payments without penalties or interest over the next six months.
- The Department of Small Business Development has also allocated more than R500m to provide assistance to distressed small and medium-sized companies. You can register here http://www.smmesa.gov.za/
- The Department of Tourism has allocated R200m to provide further assistance to small businesses in the tourism and hospitality sectors and the Industrial Development Corporation and the Department of Trade and Industry have allocated more than R3bn to assist other companies.
- For regular updates on the lockdown and related issues, consumers should visit the government site https://coronavirus.datafree.co/
This is a shortened version of a full article that appeared on MyProperty's news section. You can read the full article here