Many small to medium-sized businesses in Australia have been impacted financially due to Covid-19 lockdowns. Both the Federal and the local governments realize how important are SMEs in contributing to the Australian economy and the role they play in creating employment. This is the reason why government authorities have launched many grants and assistance programs to help small businesses thrive financially in this pandemic situation and to help them get back to normalcy. Below mentioned are some of such grants and assistance programs launched by the Federal and the local governments to help small businesses. `
COVID-19 Disaster Payment for Workers Affected By Lockdowns
This small business grants covid – 19 is to help workers who were unable to work or earn an income due to a COVID-19 state or territory public health order. This may involve a lockdown or movement restrictions.
Under this program you may be able to receive financial assistance under three categories depending on the work hours you have lost:
The amount would you get:
- $200 per week if you have lost 8 or more hours of work per week or a full day of your usual hours per week
- $450 if you have lost at least 8, but less than 20 hours, or a full day of work for that week
- $750 if you have lost 20 hours or more of work
COVID-19 Business Support Grants QLD
This small business grants covid – 19 is designed to help Queensland businesses sustain and rebuild from the COVID-19 lockdown. Funding of up to $5,000 is available under this program.
You must have seen at least a 30% decrease in turnover due to the shutdowns to be eligible. Also, your business must:
- have yearly revenue of more than $75,000
- have an annual salary of up to $10 million in QLD
Large firms in the hotel and tourism sectors that are functioning in the regions affected by the shutdown are eligible for grants, provided they fulfil the eligibility criteria.
This small business grants Covid – 19 is administered by the Australian Taxation Office (ATO) and is aimed at empowering eligible employers who employ staff to pay their employees under the guidelines stipulated by the ATO. The first step is to register your business for the grants and after the approval; the government will provide $1500 per fortnight as a wage subsidy per employee. The eligibility criterion must be fulfilled by both the employers and the employees.
The prime criterion for the entitlement is that you should be an eligible entity having eligible business participation. Your business must fulfil the following objectives to be eligible under this scheme:
- Your business must be in existence as of 1 March 2020 in Australia.
- You should have employed at least one eligible employee in your business as of 01 March 2020. The eligible employees of your business should be currently employed with you to be eligible for the fortnight claims.
- Your business should have faced a 30% decline in the overall turnover for an amount of $1billion or less, a 50% fall for turnover more than $1 billion, or a 15% fall for ACNC-registered charities.
Above mentioned are only some of the many grants and assistance programs sponsored by the Australian state and Federal governments to encourage small businesses during these difficult times. To know more about such grants, please speak to one of our advisors at the number below.