The financial repercussions of COVID-19 will impact many, get the tools and resources you need to manage your business. The Federal Government so far has announced a total of $189 billion of funding and stimulus packages to resource and support small business, sole traders and individuals.
All updates will be provided in this article as our team are made aware of them:
Job Keeper Payments announced by Federal Government
Payments of $1500 per employee per fortnight as of the 30th of March will be given to businesses to pay eligible staff. These payments will begin from the end of May and apply to businesses who have experienced a 30% decrease in turnover due to Coronavirus*
*Full eligibility criteria here
FAQ Fact Sheet from treasury.gov here
Enrol for the payment here This form has been extended to the 31st of May, with payments being distributed from the end of May.
Grants: Emergency Round 2 and New Business Hardship
The $2500 Emergency Grant has been extended to other industries in what the government are calling Round 2 and the turnover test of more than a 30% decrease applies. Guidelines are here.
An additional Hardship Grant of $15 000 is now open in Tasmania. Criteria include a 30% drop in turnover to the 31/3/2020 and must also demonstrate their products or services are necessary for Tasmania and Australia with continual operation or can demonstrate future job sustainment or growth. Guidelines are here.
Both applications close on the 30th March
Tasmanian Support and Stimulus Package:
Premier Peter Gutwein has announced a $420 million stimulus to support Tasmanian business and primary industries, check out the full article here
Small Business Action Plan:
Michael has developed a Small Business Action Plan resource as a place to start to assess what support you need and what government funding you qualify for. This is a helpful break down of all the funding available to you.
Cash Flow Boost Calculator:
Our team has developed a handy calculator to assess how much you are likely to receive for the Cash Flow Boost linked to your PAYGW.
Fair Work - rights for employers and employees during COVID-19:
Changes to employment due to drastic trading changes to businesses across the country are inevitable, so make sure you are approaching the topic fairly, knowing your rights as an employer and what is also fair for your employees.
Go to Fair Work here
Second COVID-19 Stimulus announced by PM Scott Morrison:
An additional $66 billion package has been announced to include:
- Cashflow boost: Under the enhanced scheme from the first package, employers will receive a payment equal to 100 per cent of the PAYGW withheld from salary and wages (up from 50 per cent), with the maximum payment being increased from $25, 000 to $50,000 per quarter March and June (that is maximum of $100 000) and a minimum of $10,000 per quarter (that is minimum of $20, 000)
- Temporary insolvency relief: The statuatory time frame for a company to respond to a statuatory demand will be extended temporarily from 21 days to six months.
- Sole Trader Support: The government will establish a new $550 fortnightly coronavirus supplement payment set to start from the 27th of April available through Centrelink.
Read the full article here
Incentives for Australian Apprenticeships:
This new incentive program is for employers of apprentices and provides a wage subsidy to help businesses keep their employees in work. It is available for any organisation who retains their apprentice employees or re-engages any apprentice that has been displaced from a small business in employment. The subsidy covers 50% of their wage from 1 Jan 2020 to 30 Sep 2020.
Read the full article for further details here
Launceston Chamber of Commerce COVID-19 Resource List:
A list of helpful resources and services available to Tasmanian's to help equip and support them during the COVID-19 pandemic. View the full list here
New Perspectives Business Coaching - Free Session Available:
Roland Hanekroot, from New Perspectives is offering a free session to anyone who wants help strategising, planning and tips for their business management going forward. If you own a small business and need some new direction, this is an invaluable resource available.
To book a session with him click here