During these unprecedented times Advance Cessnock City have compiled important information and resources for everything you need to know about Coronavirus (COVID-19) and what it means for your business.
Essential Information
Below is the link to essential information that is being regularly updated to give you the latest Coronavirus news, updates and advice from government agencies across Australia.
Information sourced from the Australian Government and NSW Government.
We provide this website to inform the public and to provide information to businesses. While every effort has been made to ensure the accuracy and completeness of this information, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the Internet.
The Coronavirus has presented a fast evolving and significant challenge to global health systems and economies.
The Government has acted decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus.
The Government’s economic support package of $259 billion represents fiscal and balance sheet support across the forward estimates of 13.3 per cent of annual GDP. Direct fiscal measures are equivalent to around 6.9 per cent of GDP.
The Government’s economic support package has provided timely support to affected workers, businesses and the broader community, and has kept Australians in work, and businesses in business.
These actions have put a floor under the economy during this extraordinary time, and have set the foundation for a strong economic recovery once the Coronavirus crisis passes.
The Government’s economic response targets areas:
- Supporting indivduals and households
- Support for businesses
- JobKeeper Payment
- Supporting the flow of credit
Supporting individuals and households
The Australian Government is providing financial assistance to Australians. This assistance includes income support payments, payments to support households and temporary early releases of superannuation.
- Income support for individuals
- Payments to support households
- Temporary early release of superannuation
- Temporarily reducing superannuation minimum drawdown rates
- Reducing social security deeming rates
Further information Supporting individuals and households
Support for businesses
The Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses.
Boosting cash flow for employers
Temporary relief for financially distressed businesses
Increasing the instant asset write-off
Backing business investment
Supporting apprentices and trainees
Further information Support for Businesses
JobKeeper Payment
The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus.
Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) through their employer.
The payment ensures eligible employers remain connected to their workforce and will help businesses restart quickly when the crisis is over.
Further information JobKeeper Payment
Supporting the flow of credit
The Government, the Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to ensure the flow of credit in the Australian economy. Timely access to credit is vital for businesses to manage the impacts of the Coronavirus.
Under the Coronavirus SME Guarantee Scheme, the Government will provide a guarantee of 50 per cent to SME lenders to support new short-term unsecured loans to SMEs. The Scheme will guarantee up to $40 billion of new lending. This will provide businesses with funding to meet cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. This will assist otherwise viable businesses across the economy who are facing significant challenges due to disrupted cash flow to meet existing obligations.
Further information Support the flow of credit
Coronavirus SME Guarantee Scheme - Supporting the flow of credit
The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme will support up to $40 billion of lending to SMEs.
The Scheme will enhance lenders’ willingness and ability to provide credit, supporting many otherwise viable SMEs to access vital additional funding to get through the impact of Coronavirus.
The Scheme will be available for new loans made by participating lenders until 30 September 2020.
For further information for small and medium businesses refer to Coronavirus SME Guarantee Scheme - Supporting the flow of credit
Small Business Recovery Grant
The NSW Government is gradually lifting the restrictions on movement and business trading that were designed to reduce the spread of COVID-19. This means some businesses can now reopen.
If your small business or not-for-profit organisation has experienced a decline in turnover as a result of COVID-19, you may be eligible for a small business recovery grant of between $500 and $3000.
This grant helps small businesses meet the costs of safely reopening or up-scaling operations. These expenses include, but are not limited to:
fit-out changes and temporary physical changes (for example, plastic barriers at checkouts)
staff training and counselling
business advice and continuity planning
cleaning products and additional cleaning services
additional equipment necessary to comply with social distancing or other public health measures
marketing, communications and advertising
digital solutions (for example, e-commerce or business websites).
This grant can only be used for purchases of eligible expenses made from 1 July 2020, and only where no other government support is available.
Note: Applications close 11:59pm Sunday 16 August 2020.
For further information and to check your eligibility https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-recovery-grant#eligibility
HomeBuilder Program
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.
You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.
Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course.
Information about what Homebuilder will mean for the construction industry is available on business.gov.au or by contacting 13 28 46. Please keep in touch with business.gov.au for updated State and Territory information as it becomes available.
https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder_0.pdf
https://treasury.gov.au/sites/default/files/2020-06/HomeBuilder_Frequently_asked_questions_0.pdf
Resources
Information on how the Australian Government’s economic response could support you can be found in the following link Resources
The Australian Government is supporting Australian Businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distresses businesses.
- boosting cash flow for employers
- temporary relief for financially distressed businesses
- increasing the instant asset write-off
- backing business investment
- supporting apprentices and trainees
Boosting cash flow for employers
The Government is enhancing the boosting Cash Flow for employers measures it announced on 12 March 2020. The Government is providing up to $100,000 to eligible small and medium businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000. These payments will help businesses and NFPs with their cash flow so they can keep operating, pay their rent, electricity and other bills and retain staff.
This measure will benefit around 690,000 businesses employing around 7.8 million people, and around 30,000 NFPs (including charities).
Small and medium-sized business entities with aggregated annual turnover under $50 million and that employ workers are eligible. NFPs, including charities, with aggregated annual turnover under $50 million and that employ workers will now also be eligible. This will support employment at a time where NFPs are facing increasing demand for services.
Under the enhanced scheme, employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000. In addition, the minimum payment is being increased from $2,000 to $10,000.
An additional payment is also being introduced in the July – October 2020 period. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments they have received. This means that eligible entities will receive at least $20,000 up to a total of $100,000 under both payments.
Fact sheet:
Temporary relief for financially distressed businesses
The economic impacts of the Coronavirus and health measures to prevent its spread could see many otherwise profitable and viable businesses temporarily face financial distress. It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business operations. One element of that safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business.
The Government is temporarily increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. The package also includes temporary relief for directors from any personal liability for trading while insolvent, and providing temporary flexibility in the Corporations Act 2001 to provide temporary and targeted relief from provisions of the Act to deal with unforeseen events that arise as a result of the Coronavirus health crisis.
The ATO will tailor solutions for owners or directors of business that are currently struggling due to the Coronavirus, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups.
Increasing the instant asset write-off
The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. In 2017-18 there were more than 360,000 businesses that benefited from the current instant asset write-off, claiming deductions to the value of over $4 billion. This measure will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees.
Backing business investment
The Government is introducing a time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost. This measure will support business investment and is estimated to lower taxes paid by Australian businesses by $6.7 billion over the next two years. This measure will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees.
Supporting apprentices and trainees
The Government is supporting small business to retain their 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). Support will also be provided to the National Apprentice Employment Network, the peak national body representing Group Training Organisation, to co-ordinate the re-employment of displaced apprentices and trainees through out their network of host employers across Australia.
Fact sheet available: https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Support_for_business_investment.pdf
Support for Coronavirus-affected regions and communities
The Government will set aside $1 billion to support regions most significantly affected by the Coronavirus outbreak. These funds will be available to assist during the outbreak and the recovery. In addition, the Government is assisting our airline industry by providing relief from a number of taxes and Government charges estimated to total up to $715 million. Fact sheet: https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_severely_affected_regions_and_sectors.pdf
Coronavirus Business Liaison Unit
A Coronavirus Business Liaison Unit has been established within The Treasury to engage with business on a regular basis and provide updates to government on crucial issues.
Further Information
Business.gov.au for more information on financial assistance, eligibility and timing for the new government support for Australian Businesses, visit Business.gov.au.
Australian Taxation Office
The ATO will continue to update their website ATO Website to advice to business once implemented.
COVID-19 Posters for your Business
Download COVID-19 Posters for your business here COVID-19 Resources-Posters
Free Business Advice Service
A free advisory service is available to small businesses through NSW Business Connect. Advice is offered about managing cash flow, planning the next steps, accessing financial support schemes and connecting to additional support. Register at http://industry.nsw.gov.au/businessconnect or call 1300 134 359 to book a session with a local advisor.
What Support is available to you?
Coronavirus information and support for business
Find financial assistance, eligibility and timing for the new government support for Australian businesses. Business.gov.au will be updating their page as new information is available.
For further information and resources following the link provided: https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business?fbclid=IwAR1cGLDNOa3G5MDGt0qdKcOo9dXzRAcx998_DGNU_-1-PDcq8dpISAMA_Vs
Support available for sole traders
If you're a sole trader, learn what your business can get and where to go for help. Read more here https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/what-support-is-available-to-your-business
Support available for employers
If you employ people, learn what your business can get and where to go for help. Read more here https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/employers
Support available for companies
If you run a company, learn what your business can get and where to go for help. Read more here https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/companies
Business NSW's March 2020 Business Conditions Survey
Due to the current mounting pressures on businesses, Business NSW are requesting businesses participation in a Business Conditions Survey to better understand tthe impact of coronavirus, bushfires, drought and other weather-related events. Take the survey here https://www.surveymonkey.com/r/6LKJR5W
Information sourced from the Australian Government The Treasury and Business.gov.au
We provide this website to inform the public and to provide information to businesses. While every effort has been made to ensure the accuracy and completeness of this information, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the Internet.
Feeling overwhelmed?
The following are free services available 24 hours a day, seven days a week:
Mental Health Line - 1800 011 511
Lifeline - 13 11 14
Mensline - 1300 789 978
Kids Helpline - 1800 551 800
Beyondblue - 1300 224 636
If you or someone you know is in immediate danger call 000.
More resources available online from: https://headtohealth.gov.au/service-providers
What about the well being of your business?
We know that good business health supports good mental health, and vice versa. We want to ensure that small business owners have the tools to manage the challenges so they can focus on enjoying their business.
The ASBFEO's My Business Health portal provides links and resources.
If you're trying to improve your own mental health, or support somebody else with mental health issues, the Australian Government's Head to Health provides links to trusted Australian online and phone supports, resources and treatment options.