Understanding the Government Stimulus Package for Small Business
As you may be aware, a revised Stimulus Package has been presented by the Commonwealth Government which has greatly increased the monetary support and options available to Small Business Owners.
There’s some great initiatives in the new package and I hope this is just the beginning of the Government led allowances and support for small business ecosystem in Australia during this time.
22nd March Stimulus Package Cheat Sheet
- Access to Newstart/Job Seeker payment, with an added $550 per fortnight Coronavirus payment
- Newstart asset test removed
- However Newstart income test remains
- If income dropped by a minimum of 20%, early access to super of up to $10K
Companies/NFPs up to $50m
- Eligible businesses that withhold tax to ATO on employees’ salaries and wages will receive a payment equal to 100% of the amount withheld to a maximum of $100K.
- All other eligible businesses that pay salaries and wages will receive a minimum of $10K even if they’re not required to withhold tax.
- Easier to secure Business Loans up to $250K – speak with your Accountant and your Bank
We’ve received many emails and calls from Small Business Owners in NSW and my team and I have been working around the clock to help and respond to you all as quickly as possible. I really want to express that the Realise team are here for you during this time. Our Advisors are specialists in working with businesses that are going through various stages of interruption and we’re equipped with the knowledge and resources to help and support you. We can offer free business advice through the NSW Government Business Connect Program and Federal Government Digital Business Solutions Program. Visit our website to book in with a Business Advisor today and we will be in touch to set up a video or phone advisory session at a time that is convenient to you.
I’m also hosting a FREE webinar on how Coronavirus has created unforeseen disruption to business and things you CAN control now which will be held on Friday 27th March, you can register here.
As always, reach out to the Realise team at any time, we’ll do everything we can to help.