Business community in Australia has been badly affected by extended shutdowns and restrictions imposed on activities because of Coronavirus. Governments both at the federal as well as state levels have announced relief packages for businesses battling this pandemic.
If you are finding it difficult to pay salaries to your employees because of Coronavirus, you may be eligible for JobKeeper Payment. Under this scheme, business owners and not for profit organizations battling Covid-19 pandemic shutdowns and restrictions can get up to $1500 per employee per fortnight until 28 March 2021. This scheme is applicable for self employed sole traders as well. The amount of grant for eligible businesses will depend upon the number of hours put in by the employee. ‘Sole traders’ are also eligible to receive assistance under this scheme.
- You were running a business in Australia as of 1st March, 2020
- There was at least one eligible employee in your business as of 1st March, 2020
- Your business registered a decrease of at least 30% for an annual turnover that less than $1 billion
Job Keeper Payment scheme is open till 28 March 2021.
Business Support Fund Expansion
Victorian government has announced grants for businesses impacted because of renewed restrictions starting from 2nd August, 2020. Because of these restrictions, many businesses will be able to operate for limited numbers of hours while some businesses will not be allowed to operate at all. There will be one off grants for eligible businesses because of stage 4 restrictions.
- Businesses in Melbourne and Mitchell Shire can get up to $10,000 for baring long restrictions.
- Businesses in regional local government areas can get up to $5,000 as a one off grant.
Applications under this program are invited till 14th September, 2020.
- Businesses must be based in Victoria
- Businesses must be participating in JobKeeper Payment
- Businesses must have annual payroll of less than $ 20 million
- Businesses must be registered under GST as of 30th June, 2020
- Must have an ABN as of 30th June, 2020
Small Business Covid-19 Adaptation Program
As the name suggests, small business Covid-19 adaptation program is an initiative of the government of Queensland and aims to support businesses badly affected by Coronavirus. The application process for southeast Queensland is closed as funds for the program have been exhausted. Applications for Round 2 of Regional Queensland are still being accepted as only 72% of the sanctioned funds have been exhausted until now. Important thing to remember here is that a business qualifies as Regional Queensland if the area of operation is in a local government that does not come under Southeast Queensland location.
- Your business must have been severely impacted by Covid-19 restrictions as announced by the government as of 23rd March, 2020
- It should have registered a decrease of at least 30% in annual turnover
- It should have fewer than 20 employees
- It should have an ABN as of 23rd March, 2020
- Its headquarters is in Queensland
- It should be registered under GST
- Total turnover for the last financial year should be higher than $75,000
Above mentioned grants are only some of the many incentives that the Australian State and Federal Government are providing to support various businesses. To know more about these grants please speak to one of our advisors at the number mentioned below.