As the economy transitions from the Federal Government’s wage subsidy, a number of economic support measures have been announced for businesses, including a $1.2 billion tourism package.
The Federal Government has announced an expansion to its loan guarantee scheme for small and medium-sized enterprises, increasing the loan amounts and the eligibility criteria for businesses.
With the JobKeeper payment due to end in March, the Government has also announced a $1.2 billion tourism and aviation industry economic support package.
It’s expected more than 350,000 current recipients of JobKeeper will be eligible for the expanded small to medium enterprise (SME) Loan Guarantee Scheme.
To date there have been 35,000 loans made, valued at $3 billion. The scheme has $40 billion allocated.
Under the revised scheme, changes include:
Loans will be available from 1 April 2021 and must be approved prior to 31 December 2021.
The Government says its tourism package is designed to support businesses, workers and regions recover from the COVID-19 economic down-turn.
The package sponsors 800,000 half-price airfares to 13 key tourism regions, including the Gold Coast, Cairns, the Whitsundays and Mackay region, the Sunshine Coast, Lasseter and Alice Springs, Launceston, Devonport and Burnie, Broome, Avalon, Merimbula, and Kangaroo Island.
Other financial support will target:
Other programs to be extended by the Federal Government include the:
This article was first published to KPMG Tax Now.
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