COVID-19 Government stimulus measures
The following information is a summary of some support measures, along with helpful links where you can keep up to date with new announcements.
Every business is different, and employee arrangements vary, so speak with your accountant to determine the most relevant support package for your individual circumstances.
NSW Government $10,000 Small Business Support Grant
The $10,000 grant is available to eligible industries that have been subject to closure or are highly impacted by COVID-19 including retail trade, accommodation and food service, rental, hiring and real estate services, administrative and support services and arts and recreation services. You can find out more about the grant and the eligibility criteria here.
Information about additional NSW Government support measures for small business can be accessed here.
Employers (companies, partnerships, trusts and sole traders, not-for-profits and charities) with annual turnover under $1 billion are eligible for the JobKeeper payment if business turnover is expected to be reduced by more than 30% as a result of COVID-19 compared to a comparable period a year ago, of at least a month.
You can register for the JobKeeper payment with the ATO here.
Find out more about JobKeeper payments here.
Support linked to the lodgement of your quarterly or monthly Activity Statement
The Government will provide up to $100,000 to eligible SMEs, trusts, partnerships or sole traders that employ people and temporary relief for financially distressed businesses. You can read further details here on the ATO website and also review some examples that might be applicable to your individual situation.
Support for employers who have apprentices and trainees
Employers with fewer than 20 full-time employees may be entitled to apply for Government-funded wage subsidies amounting to 50% of an apprentice’s or trainee’s wage for up to nine months from 1 January 2020 to 30 September 2020. The maximum subsidy for each apprentice/trainee is $21,000.
The Government has announced new measures to help renters. Evictions will be put on hold over the next 6 months for commercial and residential tenancies in financial distress, who are unable to meet their commitments due to the impact of the coronavirus. The exact details of how this will work are still in progress you can stay up to date with new information here.
Income support for individuals
A new Coronavirus supplement at the rate of $550 per fortnight will be paid to individuals for 6 months who are currently eligible for certain income support payments, including:
Jobseeker Payment; Youth Allowance; or Parenting Payment (Partnered and Single).
For the period that the Coronavirus supplement is paid, the Government will also expand access to certain income support payments (e.g., the Jobseeker Payment, the Youth Allowance Jobseeker and the Parenting Payment) for eligible individuals. Read more here.