DON’T LET A CRISIS GO TO WASTE
You can still meet B-BBEE compliance targets, even during the Covid-19 pandemic
Covid-19 will most certainly have a significant impact on every aspect of B-BBEE compliance. However, it is critical for each business to re-assess, and if necessary, re-adjust its B-BBEE status. Businesses with discounted B-BBEE recognition levels may breach contractual obligations, incur penalties, or forfeit incentives and grants that may have been due to them.
On 23 March 2020, President Ramaphosa announced the establishment of a South African Solidarity Response Fund in a bid to “flatten the curve”, and assist the country’s economic recovery. The Fund is a public-private partnership to which government, businesses, organisations, and individuals can contribute; and the funds will be administered by the state to support measures to fight the pandemic.