COVID-19: Funding and Support Initiatives
General overview of government stimulus packages and initiatives for Businesses and employers, including; JobKeeper Payment, Ensuring cash flow to pay bills and wages, Apprentices and trainees, Financial distress, Investing in your business, Credit and loans, Supporting regions and sectors click on https://treasury.gov.au/coronavirus/businesses
Specific information on the latest COVID-19 news and support for businesses, click on the link https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business
FEDERAL GOVERNMENT INITIATIVES
We are living in extraordinary times and experiencing unprecedented measures to curb the spread of COVID19. The following is a summary of Federal Government initiatives to continue to provide services, recent trading restrictions and government stimulus packages.
JobKeeper is wage subsidy available to all businesses affected by coronavirus.
The JobKeeper section of the ATO website has all the relevant information about eligibility, the processes and applications: www.ato.gov.au/general/JobKeeper-Payment/
The Morrison Government will invest $2 billion to give hundreds of thousands of Australians access to new skills by retraining and upskilling them into sectors with job opportunities, as the economy recovers from COVID-19. The JobTrainer skills package will also guarantee support for thousands of apprentices in jobs across the country by subsidising their wages to keep them employed and their training secured. The new $1 billion JobTrainer program will provide up to an additional 340,700 training places to help school leavers and job seekers access courses to develop new skills in growth sectors and create a pathway to more qualifications.
To read further refer to the Prime Ministers press release: https://www.pm.gov.au/media/jobtrainer-skills-package-economic-recovery-and-growth
Supporting Apprentices and Trainees
The Australian Government is supporting business to manage cash flow challenges and to keep apprentices and trainees employed through a new Apprentices and Trainees wage subsidy.
For further information on how to apply for the subsidy, including information on eligibility, contact an Australian Apprenticeship Support Network Provider (see below).
Advice from the Australian Taxation Office (ATO) - Working from home expenses
The ATO announced special arrangements to make it easier for people to claim deductions for working from home this year.
Details are available at ato.gov.au/workingfromhome
This information has been summarised into a Working from home media release.
Other resources you might find useful is the ATO working from home poster
Early release of super
Eligible individuals will be able to apply for early access to their super from mid-to-late April 2020 through myGov. More information including eligibility requirements is available on our website: www.ato.gov.au/early-access
VICTORIAN GOVERNMENT INITIATIVES
The following is a summary of Victorian Government initiatives to continue to provide services, recent trading restrictions and government stimulus packages.
- Business Support Package (10/07/20)
- Business Support Fund
- Working for Victoria initiative
- Payroll Tax Refund
- Bushfire Recovery assistance for small business
Business Support Package (10/07/20)
The Victorian Government today announced a $534 million Business Support Package, the latest support measures on top of the $6 billion in economic relief already invested since the pandemic began.
The announcement and press release is available within the following link: https://www.premier.vic.gov.au/more-survival-support-for-victorian-businesses/
Business Support Fund
The Victorian Government has launched the Business Support Fund to help small businesses survive the impacts of the coronavirus (COVID-19) pandemic and keep people in work.
Find out more here: www.business.gov.au
Working for Victoria
The Working for Victoria initiative helps Victorians, including people who have lost their jobs due to the economic impacts of coronavirus (COVID-19), find new work opportunities.
You can find out more by visiting: https://www.vic.gov.au/workingforvictoria
A useful document is available for businesses seeking information about Working for Victoria here.
Payroll Tax Refund
This program aims to provide full payroll tax refunds to small and medium-sized businesses who were impacted by the coronavirus crisis.
More information about the administration of these relief measures will be sent directly to eligible businesses. You can find out more here: www.business.gov.au/Grants-and-Programs/COVID19-Tax-Relief-Measures-VIC
Bushfire Recovery for small business
To help Victorian small businesses recover from the recent bushfires, the Australian ad Victorian governments are providing the following assistance:
- Small Business Bushfire Recovery Grants of up to $50,000 for eligible small business and non-profit organisations who have suffered direct damage. The grant is intended to help with costs of clean-up and reinstatement of small businesses.
- Victorian Bushfire Concessional Loans of up to $500,000 for eligible small businesses, primary producers and non-profit organisations who have suffered direct and indirect impact. The loan is intended to help pay for restoring and/or relacing damaged assets and/or to meet working capital expenses.
For more information visit business.vic.gov.au/bushfire-recovery or call Business Victoria on 13 22 15