COVID-19 Assistance Packages for businesses in NSW
- Published 01.04.2020
Below is a list of assistance packages available to businesses in NSW.
Much of this has been publicised in the media however it is a good summary of what is available and includes website links to find out more information and assess eligibility etc.
1. Federal Government Initiatives
- Increase in the instant asset write-off.
- Payments between $20,000 to $100,000 to eligible employers to assist with operating expenses, rental expenses, electricity and other bills, and employee wages.
- Temporary relief for distressed businesses.
- 15-month investment incentive for eligible businesses.
- Trainee and apprentice support measures.
For more information: https://treasury.gov.au/coronavirus/businesses
2. JobKeeper Program
- Eligible businesses that have been significantly impacted by coronavirus can claim a $1,500 wages subsidy per fortnight for each eligible employee (maximum 6 months).
3. Coronavirus SME Guarantee Scheme
Federal Government will provide a guarantee of 50% to eligible small to medium enterprise (SME) lenders for new unsecured loans of up to $250,000.
4. State Government Initiatives
- The next round of payroll tax cuts have been brought forward.
- Waiving of payroll tax for eligible businesses for the remainder of the 2019/20 FY.
- Waiving of a range of fees for small businesses, including bars, cafes, and restaurants.
For more information: https://www.nsw.gov.au/news-and-events/news/health-boost-and-economic-stimulus/
5. Business loan repayments
- Assistance packages are available from the Banks that will allow small businesses to defer payments on existing loans for six months.
For more information: https://www.ausbanking.org.au/banks-small-business-relief-package/
6. Mortgage Assistance
- The Big 4 banks have indicated that customers may be able to defer their mortgage repayments for 6 months if needed.
- Contact your bank for more information.