As you know we're going through an unprecedented health crisis and the impact on small businesses is significant. This is something that affects all of us, and we can only get through it by working together.
My team has been contacting local Chambers of Commerce and small business representatives in the last couple of days about the impact of the coronavirus on local Southside businesses.
As you may have seen in the media, the federal government recently announced a stimulus package to combat the impacts of COVID-19. The Labor state government has also announced a substantial package, and I thank my state colleagues for their work.
Federally, Labor has been calling for stimulus to support our economy, our businesses and our workforce, for some time now.
As always, details are rapidly changing, but I hope the below helps.
Do you have questions about the government's small business support measures?
Up-to-date information about the support being offered to businesses is available at www.treasury.gov.au/coronavirus.
If you have a specific enquiry, you can email treasury at [email protected]
You can also phone Treasury on 02 6263 3030 (Mon-Fri, 8.30am - 5.30pm AEST).
Commonwealth support for businesses
This is a general summary and is not financial advice. Information is correct at the time of printing but is subject to change. The implementation of these measures is up to the Commonwealth government. More detailed information is available at treasury.gov.au
Up to $100,000 to eligible small and medium-sized businesses, and not-for-profits (NFPs) that employ people, with a minimum payment of $20,000:
Measures aimed at preventing insolvency:
Tailored arrangements with the ATO (eg temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups).
Instant asset write-off:
Apprentices and trainees
Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer that employs that apprentice.
Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter).
Businesses significantly impacted by the Coronavirus may be able to access a wages subsidy to continue paying employees. Under the JobKeeper program, businesses can claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months.
This assistance is designed to keep employees connected with their employers.
Businesses need to register their interest through the ATO: https://www.ato.gov.au/general/gen/JobKeeper-payment/
More information about this program including fact sheets for employers and employees can be found at https://treasury.gov.au/coronavirus/jobkeeper
New business point of contact in Treasury:
New credit measures include:
Banks financial hardship teams
Call your bank’s financial hardship team. Phone numbers can be found here:
The Queensland Labor government has announced its own support package. I am grateful to my state Labor colleagues for their swift and strong support.
For state measures that may support your business, you can read about the industry support package for Queensland at www.qld.gov.au/industryrecovery
These are difficult times, for households and business alike.
General Coronavirus Information and Contacts
Please visit www.terributlermp.com/corona for general information and contacts.
If you have any questions, please feel welcome to get in touch with me at [email protected].