How to access the latest COVID-19 help for Small Business
As the pandemic continues, the Australian Government has revised the support packages available to small businesses. We’ve summarised the latest assistance on offer.
What’s new with the JobKeeper program
The good news for small businesses is that the government has extended the existing JobKeeper program by six months to 28 March 2021.
However, there have been some changes. From October onwards, payments will gradually reduce, stepping down from $1400 per fortnight for full-time employees, to $1200 per fortnight for full-time employees in October and $1000 in January. From 28 September 2020, businesses will also need to prove their turnover has reduced by 30 per cent.
Businesses may also be able to receive the JobKeeper payment for more of their employees.
Haven’t enrolled for JobKeeper? There’s still time. Businesses can check whether they’re eligible, and enrol here.
How to access help repaying loans
There are a number of initiatives aimed at helping small businesses access cheaper loans, including repayment holidays to help with cash flow.
Banks are also providing small businesses with low interest rates on new loans, and the ability to take on new loans with an immediate repayment holiday.
Everyone's loan is different, so you should contact your existing lender to discuss your options. The Australian Banking Association offers a good summary of options that may be available to small businesses.
Tax and state government support
The Australian Government has offered $100,000 in direct cash payments for small and medium sized businesses, an instant $150,000 asset write-off, and a range of other tax measures. To find out more you can contact your tax advisor or the ATO directly.
State and Territory governments have also announced a range of assistance programs, including payroll tax relief and some cash payments. You can find out more about what’s on offer in your state, here.
Where do I start?
The Covid-19 crisis continues to be overwhelming, and every business faces unique challenges. If you haven’t already registered for JobKeeper or reviewed the recent changes to the program, this is a good place to start.
If you have business loans, speak to your existing lender about how they can help, and also contact as well as your tax advisor. If you are struggling with mental health during this stressful time there is support available.
Afterpay is also here to help support your business. Remember, you only pay our merchant fee when there is a successful transaction. We don’t charge any subscription or regular fees. And we are working harder than ever to ensure that we are connecting our growing customer base with your business.
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