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A support guide for impacted businesses

Business

As thousands of businesses close today uncertain of when they will reopen, unprecedented support is being offered to SMEs in a bid to soften the economic blow.

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Yesterday, the Australian Government announced an update to its economic response to COVID-19 and stimulus package announced only a week ago on 12 March 2020.

The Australian Banking Association also announced on Friday a small business relief package from Australia’s banks.

While there are likely be further additions as conditions change, here is a guide to key supports available to impacted businesses.

Boosting cash flow for employers

The Government has enhanced the Boosting Cash Flow for Employers measure that was announced on 12 March 2020.

The measures include:

Temporary Relief for Financially Distressed Businesses

Temporary measures have been introduced to support otherwise profitable and viable businesses that may face financial distress from the impacts of COVID-19.

The measures include:

Coronavirus SME Guarantee Scheme

The Government will establish the Coronavirus SME Guarantee Scheme to help small and medium enterprises SMEs access working capital to help them get them through the impact of the coronavirus.

The measures include:

Apprentice Subsidy

The measures announced on 12 March 2020 have remained the same, aimed at continuing the development of a skilled workforce and retaining apprentices and trainees.

The measures include:

Legislation will be introduced into Federal Parliament today to put these measures into effect.

 

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