Checklist: What new government stimulus offers are available for small business?
A checklist of the Australian government initiatives to support small business during COVID-19.
Please note this is a changing list. We will update it with new information as the government makes announcements.
Need help? The good news is that the Australian government is working on a number of initiatives to support small business.
Here is a list of things the government is doing to support you, with more details outlined below.
Treasury has announced a $17.6 billion support package to protect the economy. Here’s an overview.
Part of this is a $750 one-off stimulus payment to people who have been diagnosed with COVID-19 and who are unable to work. More on that here.
2. The Australian Tax Office
The Australian Tax Office has set up an Emergency Support Line. undefined
They have also announced the Boosting Cash Flow for Employers scheme, offering up to $25,000 for small business owners that have less than $50 million annual turnover. The payment is delivered by the ATO. More on that here.
3. State and Territory-based small business bodies
New South Wales
Small Business NSW has published advisory guidelines for businesses during this time, including answering questions like, ‘How can I prepare my business if I get sick?’ and ‘What financial support is available from the government?’. More on that here.
In addition to the Federal Government’s stimulus package, the Western Australian Government has announced $114 million in measures to support small business during the coronavirus pandemic. More on that here.
There is a small business hotline business owners can contact for information (1300 654 687) and full details of the Queensland Government’s small business support package can be found here.
The NT Government is delivering a $65 million Jobs Rescue and Recovery Package to help stimulate the economy and keep Territorians in jobs.
To find out more, go to the Department of Trade, Business and Innovation website.
4. The NSW Department of Fair Trading
The NSW Department of Fair Trading has published a guide to event cancellations, travel cancellations, pricing and price gouging, and availability of ordered and/or stock items. More on that here.
5. The Australian Department of Health
The Australian Department of Health has issued advice that covers parents of school aged children, as well as specific advice for employers in a variety of industries, including travel, transport and hotels. More on that here.
6.The Department of Education, Skills and Employment
The Department of Education, Skills and Employment has announced an apprentice wage subsidy. Small businesses with fewer than 20 full-time workers will receive 50 per cent of an apprentice or trainee’s wage. For each apprentice or trainee, the government will provide up to $7,000 in wage assistance per quarter. The wage subsidy will be open to businesses with fewer than 20 full-time workers and employers of any size that re-employ someone who loses their position as a result of the coronavirus downturn. More on that here.
The situation is changing daily with the government in talks with banks and insurers to negotiate packages that will help businesses survive this extraordinary trading period.
There is a lot of help out there so don’t lose heart. Now is the time to call upon your negotiation skills, carefully manage your finances and ramp up stakeholder communication.
Remember: This is temporary. The person who survives is the person who gets in the life raft. Seek help early, and ask your network for support.