The Tasmanian Liberal Government has prepared a $420 million stimulus package to support Tasmania as we tackle the impact of the COVID-19 pandemic.
Tasmanian Premier, Peter Gutwein has announced a stimulus package to help all Tasmanians in areas such as Household Assistance, Primary Health and Mental Health, Small Business, Local Government, Tourism, Hospitality and Fisheries.
We've taken an excerpt from the package fact sheet for the assistance provided to small business. For stimulus package breakdown in other areas read the full overview here:
Assistance for Small Business:
Interest Free Business Loans for Small Business
- $20 million in loans to small businesses in the hospitality, tourism, seafood production, and exports sectors. The loans will be available to businesses with a turnover of less than $5 million to purchase equipment or restructuring business operations and will be interest free, for three years
Payroll Tax Waivers Reduction
- Payroll tax liabilities will be waived for hospitality, tourism and seafood industry businesses for the last four months of 2019-20.
- Other businesses with payrolls of up to $5 million will be able to apply, based on the impact of virus, to have their payroll tax waived for April to June 2020.
Government Maintenance Program
- $50 million allocated to fast track maintenance on public buildings over the next 12 months. This will provide an injection into local trades around the state and continue to support confidence in local communities.
Improving Small Business Cash Flows
To assist with small business cash flow, the Tasmanian Government will:
- Pay bills sooner: unless otherwise required by contractual arrangements, payment terms by Government agencies will be reduced from 30 days to 14 days; and
- Give small businesses more time to pay their bills: unless otherwise required by contractual arrangements, small businesses will be provided extended payment terms to Government from 30 days to 90 days.
Targeted Small Business Grants Program for Apprenticeships and Traineeships
- The targeted Small Business Grants Program provides a $5,000 grant for businesses that hire an apprentice or trainee in the tourism, hospitality, building and construction, and manufacturing industries. Funding for this measure has been brought forward.
Youth Employment Scheme
- The Scheme provides a payroll tax rebate for one year, to businesses that employ a young person aged 24 and under, between April and December 2020.
Human Resource and Industrial Relations Assistance
- $80,000 will be provided to the Tasmanian Chamber of Commerce and Industry (TCCI) to provide Human Resources and Industrial Relations assistance associated with the coronavirus to businesses.
If you need specific help or more information on the $20 million Small Business Loans please contact Business Tasmania on 1800 440 026 or visit www.business.tas.gov.au/ coronavirus_information