Business Support Through COVID-19 (Coronavirus)

Australian Federal Government

• JOB KEEPER PAYMENTS support which helps businesses significantly impacted by the Coronavirus cover the costs of their employees’ wages, so more Australians can retain their jobs and continue to earn an income.

• Support Available for Employers

• Support available for Companies (not in relation to staff).

• Support available for Sole Traders.

• This link is to the Federal Government’s Business Page which sets out support for Business during these testing times. It is regularly updated.

• This link is to the Federal Government’s latest COVID?19 news, updates and advice from Australian Government agencies.

• Click here to access a breakdown as to what assistance is available through the Federal Government as at 23 March 2020.

• Temporary increase to 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. This 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.

• Individuals affected by the coronavirus can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.

• SME Loan Guarantee Scheme: The Government will provide a guarantee of 50 per cent to small and medium enterprise (SME) lenders for new unsecured loans to be used for working capital. Max. loan $250,000 per borrower.

• From 23 March 2020, operations at the business.gov.au 13 28 46 Contact Centre will increase from five days per week to seven days per week, and provide additional hours of support outside standard operating hours for the first month, answering calls from 7am to 11pm AEST.

Queensland State Government

• Applications are now open for the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent and rates and other related expenditure. Eligible business types include sole traders, partnerships, private and public companies and Trusts.

• This link is to the Queensland Government’s Small Business support.

• Electricity Relief For Households And Businesses

• We have been in touch with the administering agent for the Queensland Government’s interest free loan facility and they have advised they will send the guidelines for applying directly to us once they have been finalised. Balanix Solutions is happy to forward the Guidelines (once received) to anyone and assist in completing the applications if required. Please email info@balanixsolutions.com.au to register to be sent the guidelines.

The Australian Banking Association

• The Australian Banking Association (ABA) says all small businesses hit by the coronavirus pandemic will be able to access a six-month deferral of all loan repayments.

• The Australian Banking Association Financial Difficulty Page where they list support.

Qld State Development, Manufacturing, Infrastructure and Planning

• The Worker Transition Scheme and rapid response provides a suite of information and support services to workers who may find themselves without work as a result of business closures or redundancy programs.

Facebook

• Facebook is offering $100M in cash grants and ad credits to help during this challenging time.

TAFE Queensland

• Financial Resilience Workshops: A workshop and mentoring package is available for eligible small businesses from Department of Employment, Small Business and Training, partnering with TAFE Queensland. No cost to attend.

Chamber of Commerce & Industry Queensland

• Free policies & templates, including working from home and business continuity

Australian Securities and Investments Corporation (ASIC)

• Guidelines for meeting upcoming AGM and financial reporting requirements.

Please contact our team if you need assistance in these trying times 07 3264 4783 – Stay Safe.