COVID-19 PANDEMIC BUSINESS RELIEF: A COMPARATIVE STUDY OF SOUTH AFRICA AND SELECTED EUROPEAN COUNTRIES

The novel coronavirus, also known as Covid-19, has affected people globally. The reality of reduced working hours set in, and a contraction in consumer demand and business confidence began, leading to a reduction in spending and investment. Travel restrictions were put in place, trade was halted, and most of the way we were used to living changed drastically. To combat economic losses and complete economic shutdown, governments were forced to rollout relief policies to aid businesses and reduce financial losses. These policies include tax and bank payment holidays, underwriting of loans, job retention schemes, value-added tax (VAT) deferments, grants, and mortgage breaks. This study aimed to analyse the support policies that several European countries applied to assist businesses and compare them to South Africa. The study followed a qualitative exploratory research design using secondary data obtained from several open-source documents obtained from various government and nongovernmental websites. Thematic analysis using Atlas.ti was used to analyse and report the data. Five themes emanated from the study: Business stability measures, Social support, Post-Covid recovery measures, Liquidity measures for businesses and Transmission prevention. In comparison with South Africa, several similarities were present in the Disaster Management Tax Relief Administration Bill. Yet, despite the commonalities that persist and the fact that South Africa shares in the spirit of the themes applied by the European nations, it is comparatively weaker when the breadth and scale of its interventions are compared.

Automated summary

The global novel coronavirus pandemic, also known as Covid-19, has significantly impacted people's lives, resulting in governments worldwide rolling out relief policies to assist businesses in mitigating financial losses. A comparative study between European countries and South Africa showed similarities in support policies, but South Africa lagged behind in the breadth and scale of its interventions.