COVID-19 Resource Centre - Resources to deal with the impact of coronavirus on your business
RSM have received a numerous queries from our clients with regard to the potential impact of COVID-19 on their businesses. We have pulled together a number of resources and webinars to assist you and your business to manage the challenges that lie ahead.
To ensure that you are fully informed on potential impacts of this lockdown on your business, RSM have been running a series of webinars on various related subjects.
Watch previous webinars
How can RSM help your business during the COVID-19 pandemic?
Organisations of all sizes are currently facing numerous challenges due to the outbreak of the COVID-19 pandemic.
RSM is able to assist your business to weather the storm with the a number of specialist services.
COVID-19 Regulations and Directives
Government issued regulations to be followed during the South Africa lockdown in terms of the Disaster Management Act. Below you will find downloadable summaries of the following:
- COVID-19 regulations
- List of essential services
- List of essential goods
- List of places closed to the public
- Funding Mechanisms
- TRES salary table
Please note: Information herein is correct as at 2 April 2020.
COVID-19 Business Interruption Insurance Services
The COVID-19 pandemic has caused severe interruptions to the operations of businesses across the country. Many companies are turning to their commercial insurance policies for indemnification of the losses suffered. RSM is able to assist with the review of your insurance policy wording for potential cover for Business Interruption losses suffered as a result of the COVID-19 pandemic as well as the preparation and quantification of any resultant Business Interruption claims.
Further tax measures to combat the COVID-19 pandemic
On 21 April 2020, President Ramaphosa noted that Government has recognised the significant negative repercussions of the national lockdown on our economy and highlighted further tax measures to be implemented as additional relief measures.
The Minister of Finance issued a Media Statement on 23 April 2020 detailing the additional interventions to be introduced that are intended to assist individuals and businesses through the pandemic. This is with the intention of assisting in job retention and to support business that may be experiencing significant distress.
COVID-19 TERS: Practical Considerations for Payroll
COVID-19 TERS (Temporary Employee Relief Scheme) is a fund administrated by the Department of Labour (DoL) to provide relief to employers and employees in South Africa. A clearly set-out application process can be followed on the UIF website.
Upon successful application, funds will be paid to either the employer or employee, dependent on the selected preference.
The question now is how to account for the funds received and what should be declared in payroll?
COVID-19 and B-BBEE
The effects of COVID–19 will have far reaching effects on businesses of all sizes, including on their B-BBEE ratings. Whilst some Measured Entities with a financial year ending on 31 March 2020 or 30 April 2020, had incurred the necessary expenditure in relation to Skills Development, Enterprise and Supplier Development and Socio Economic Development, most Measured Entities with financial year ends post the COVID-19 lockdown will need to consider their response to these elements in a dramatically changed social and economic landscape.
We have unpacked the effect on each element, and considered how the Measured Entity can maximise B-BBEE points on the Scorecard with limited cash flow.
COVID-19 Tax insights
Relief for employers through the COVID-19 Temporary Employee Relief Scheme
The concept of the Temporary Employer Relief Scheme (”TERS”) was initially introduced in December 2019 to assist employers in financial distress. However and due to the COVID-19 pandemic, the Minister of Employment and Labour, has through a Directive issued on 26 March 2020 (Government Gazette Number 43161), initiated a COVID-19 TERS through the Unemployment Insurance Fund (“UIF”) to aid employers in providing wage benefits to employees as a result of the effects of the COVID-19 pandemic. This COVID-19 TERS benefit is de-linked from the UIF’s normal benefits.
COVID-19 Business Insights
How business owners can help weather the fallout of COVID-19
As the impact of the COVID-19 pandemic continues to disrupt our world, businesses large and small, have daily mounting concerns about their ability to, at best, continue operating in the normal course and, at worst, survive until this crisis ends.
At this time, no one can accurately predict the state of business in three to six months. The only solace for business owners today is to know that their worries and fears are shared by many, if not all, other business owners.
Life after COVID-19 – Setting yourself up for success
Futurist and Founder of Tomorrow Today, Graeme Codrington, identifies the major business disruptions and what businesses can learn from Covid-19 in this article and insightful webinar.