As a result of the ongoing COVID-19 pandemic, many individuals have lost their jobs and are facing financial difficulties. To ease this burden, the South African government has introduced several relief measures, including the COVID-19 TERS (Temporary Employer/Employee Relief Scheme).
What is the COVID-19 TERS Scheme?
The COVID-19 TERS Scheme is a relief measure introduced by the South African government to provide financial assistance to those who have lost their jobs or suffered a loss of income due to the pandemic. The scheme is administered by the South African Revenue Service (SARS).
How Long Does it Take for SARS to Pay Out?
One of the most commonly asked questions about the COVID-19 TERS Scheme is how long it takes for SARS to pay out. The answer to this question depends on a number of factors, including the completeness and accuracy of the application submitted by the employer, as well as the volume of applications received by SARS.
Factors Affecting the Processing Time
Some of the factors that affect the processing time of COVID-19 TERS Scheme applications include:
- Completeness of the Application: If the application submitted by the employer is incomplete or contains errors, it will take longer for SARS to process the application. Employers are encouraged to ensure that all the required information is included in the application and that it is submitted correctly.
- Volume of Applications: The sheer number of applications submitted to SARS can also have an impact on the processing time. With thousands of applications to process, SARS may take longer to get through each application.
- Verification: SARS may need to verify the information submitted in the application before making a payment. This can take time, particularly if there are discrepancies in the information provided.
Expected Processing Time
Although there is no definite timeline for processing COVID-19 TERS Scheme applications, SARS has indicated that it aims to process applications within 10 business days. However, this is an estimated processing time and may vary depending on the factors discussed above.
Conclusion
The COVID-19 TERS Scheme provides much-needed financial support to those who have been affected by the pandemic. However, the processing time for applications can vary depending on a number of factors, including the completeness and accuracy of the application, the volume of applications received, and the need for verification. Employers are encouraged to ensure that their applications are complete and accurate in order to expedite the processing time.
