LOOK: Ramaphosa’s R500 billion breakdown

CAPE TOWN- President Cyril Ramaphosa announced on Tuesday evening that a massive support package of R500 billion will be channelled into healthcare, vital municipal services and social relief.

Here’s the complete breakdown of where the funds will be located to.

  • R20 billion funds the health response to Covid-19. It will include supplying personal protective equipment for health workers, community screenings, increased testing capacity, additional beds in field hospitals, ventilators, medicine and staffing. 
  • R20 billion goes towards municipalities to provide emergency water supply, increased sanitisation of public transport and facilities as well as food and shelter for the homeless.
  • R50 billion funds new grants and social relief for the most vulnerable families. A temporary six-month coronavirus grant and special Covid-19 social relief of distress grant will be available. 
  • R100 billion goes towards protecting and creating new jobs.
  • R40 billion for income support payments for workers where employers are unable to pay wages.
  • R2 billion to assist Small Medium and Micro Enterprises (SMME), spaza shop owners and other small businesses.
  • R200 billion goes towards loan guarantee schemes in partnership with major banks, the National Treasury and the SA Reserve Bank to cover companies with operational costs (salaries, rent and payment of suppliers).
  • R70 billion in tax relief schemes for distressed businesses.

 

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