Breaking:Ramaphosa announces R500 Billion Stimulus

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South African President Cyril Ramaphosa has announced a huge stimulus package for Africa’s biggest economy in a drive to save jobs.

The package is under phase two of the economic strategy. Below are the key take aways from the address;

R500 Billion stimulus package
R20 Billion Covid-19 (testing, PPE etc).

R20 Billion support for Municipalities
Additional grants for next 6 months
R350 for anyone unemployed not on UIF.

R200 Billion Business loan facility.

Businesses with R300 Mill turnover and less to qualify.

PAYE deferment now 35%

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