8 April 2020 – 5:30pm
Funding and cash flow programs available to assist private, mid-market and family businesses affected by the economic impacts of COVID-19.
The current COVID-19 pandemic has caused serious impact on our people, our communities and our businesses – here and around the world. Federal and state government responses to the economic and social impact of the pandemic include immediate relief payments and concessions for individuals and businesses.
We have compiled a guide detailing current funding and cash flow programs that are available to your business if it’s being affected by the economic impacts of COVID-19.
In a very broad sense, common criteria you should be aware of when applying for one of these programs include: that the applicant usually be a small to medium enterprise (SME) employing less than a threshold number of employees; and have aggregated turnover under, for example, $50 million. Please note each one of these assistance programs will involve unique eligibility requirements and, if you are applying for one, care must be taken to ensure that the criteria is satisfied. Some of these financial assistance options are through cash grants, others are offered as a credit delivered through the Australian Taxation Office (ATO). For more specific eligibility criteria and detail on existing COVID-19 grants, please refer to the table below.
For information on schemes being offered by your local councils, please contact them directly.
Many of the available funding and cash flow programs will require some evidence of eligibility. Keep key documents to hand to prove eligibility if your business needs to apply. Typically, some of the documents required are:
The federal government announced a $17.6 billion stimulus package on 12 March 2020 in response to the COVID-19 pandemic. The federal government is set to announce a second stimulus package, potentially as soon as Friday this week, and even more programs may become available as the economic impact is more fully realised.
If you have any questions regarding the content of this article and would like speak to someone from our team please contact us.