We have already outlined how to register as an essential business during the national lockdown here.
Now, 2oceansvibe’s favoured tax experts, Galbraith | Rushby, are covering the process of applying for TERS below…
We have all been wondering and waiting for news on how to apply for the COVID-19 TERS relief fund, and government has published notice 43161 which sets out the requirements.
At this stage, we are not sure if this only applies to members of bargaining councils, or if it is a general fund for all employers. We believe the latter, although the Labour Department’s guide appears to refer only to bargaining council members.
The relief applies to “employers who close their operations as a direct result of COVID-19 for three months or less and suffer financial loss”.
It seems to apply NOT only to companies, but to any employer. However, the employer must be registered for UIF.
The relief covers a portion of the employee’s salary according to the income benefit sliding scale in the UIF Act (38% to 60%). The maximum amount payable is R6 731, calculated on a salary of R17 712.
The lowest benefit will equate to the minimum wage.
A benefit will not be payable to an employee who is being paid by the employer, but it may be possible to apply for a shortfall in salary.
Send an email off to firstname.lastname@example.org, and you will get an automatic response outlining the application, including legal agreements and other requirements.
Currently, if you send an email you will receive a legal agreement which refers to the clothing bargaining council OR employer. However, since there is nothing to lose, we recommend that you prepare all the documentation and get your application submitted as soon as possible.
Where an employee was in an agreed precautionary self-quarantine for 14 days, the employee will qualify for income benefit under the UIF.
Confirmation must be provided by both the employer and employee as proof. If the self-quarantine period was for more than 14 days, a doctor’s note must be provided.
We recommend that you keep proof showing the financial loss you have suffered as a result of COVID-19 and keep a track of all expenses incurred.
You will need to prove direct financial loss.
Assistance from Galbraith | Rushby
Galbraith | Rushby have put together a team to assist any businesses that need help with the application process. You can email them at COVIDemail@example.com.
They recommend that you make your application as soon as possible, as it is unclear if it’s on a first come first serve basis. Their team will also be assisting with applications to the bank for relief.
You can contact Galbraith | Rushby here.
[imagesource: Instagram / Armand Hough] For some strange reason, a policeman at the Mit...
With the first public companies and legendary investors publicly stating their support for...
[imagesource: Eurosport / Discovery] Playing against, and defeating, the hometown hero ...
[imagesource: Getty] Pamela Anderson and Tommy Lee will forever be linked due to the mo...
[imagesource: AFP] Sjoe, how about this weather? Summer came late this year, with D...