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BusinessLive reports that the labour sector has called for another review of the R200bn loan guarantee scheme to allow more companies to benefit from the Covid-19 pandemic relief initiative and so save jobs.
The scheme, which forms part of the R500bn social and economic relief package announced by President Cyril Ramaphosa in April, is aimed at helping struggling businesses stay afloat during the global Covid-19 pandemic. The funds borrowed from the scheme can be used for operational expenses, including salaries. After an initial slow disbursement rate, the scheme was reviewed to make access for struggling companies easier. But according to Cosatu’s Sizwe Pamla, the fact that only R14bn of the R200bn has been disbursed “means there’s a problem”, so government must review the scheme and make it more accessible”. He observed: “The sentiment we are getting is that more workers are going to be retrenched and that is a problem for us. If we are in a crisis, let’s act like we’re in a crisis.” Godfrey Selematsela of Fedusa said they also supported another review of the scheme to make it simpler for businesses to access it. Nactu’s Narius Moloto also fully supported a review of the scheme. National Treasury indicated that R14bn of the loan guarantee scheme had now been used, benefiting almost 10,000 businesses, “with another almost 40,000 applications still being processed by banks”.
- Read the full original of the report in the above regard by Luyolo Mkentane at BusinessLive
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