CORONAVIRUS FINANCIAL ASSISTANCE PACKAGES

How can I support the flow of credit for my business?

Under the SME Guarantee Scheme, the government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. SMEs with a turnover of up to $50 million will be eligible to receive these loans.

The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.

Temporary relief for financially distressed businesses

Assistance for severely affected regions and sectors

Supporting Apprentice and Trainees

What cashflow assistance I have for my business?

The government is providing up to $100,000 to eligible small and medium-sized businesses, and not‑for-profits (including charities) that employ people, with a minimum payment of $20,000.

The payment will be available from 28 April 2020.

What support do I get for my business investment?

The government is increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.

The government has set aside an initial $1 billion to support those regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

The $1 billion will be available for distribution through existing or newly established mechanisms as soon as practicable.

The Australian Tax Office (ATO) will also provide administrative relief for certain tax obligations (similar to relief provided following the bushfires) for taxpayers affected by the Coronavirus outbreak, on a case by case basis.

The ATO will look at ways to enhance its presence in significantly affected regions to make it easier for people to apply for relief.

FIND OUT MORE HERE

The government has set aside an initial $1 billion to support those regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.

The $1 billion will be available for distribution through existing or newly established mechanisms as soon as practicable.

The Australian Tax Office (ATO) will also provide administrative relief for certain tax obligations (similar to relief provided following the bushfires) for taxpayers affected by the Coronavirus outbreak, on a case by case basis.

The ATO will look at ways to enhance its presence in significantly affected regions to make it easier for people to apply for relief.

FIND OUT MORE HERE

Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.

Employers will be reimbursed up to a maximum of $21,000, per eligible apprentice or trainee ($7,000 per quarter).

Support will also be provided to the National Apprentice Employment Network, who are responsible for coordinating the re‑employment of displaced apprentices and trainees throughout their network of host employers across Australia.

Eligibility

  • The subsidy will be available to small businesses with fewer than 20 full‑time employees who retain an apprentice or trainee.

  • Employers of any size and Group Training Organisations that re‑engage an eligible out‑of‑trade apprentice or trainee will be eligible for the subsidy. The apprentice or trainee must have been in training with a small business as at 1 March 2020.

  • Employers will be able to access the subsidy after an eligibility assessment is undertaken by an Australian Apprenticeship Support Network (AASN) provider.

  • This measure will support up to 70,000 small businesses, employing around 117,000 apprentices.

  • Employers can register for the subsidy from early April 2020. Final claims for payment must be lodged by 31 December 2020.

FIND OUT MORE HERE

 

 
 
 

Australian banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of COVID-19, read more here

retailers must

  • Identify hazards in the workplace, and

  • do what is reasonably practicable to eliminate, or minimise the risk if elimination is not possible

Identify the risk associated with Coronavirus

(COVID-19)

  • Monitor expert advice as the coronavirus situation develops (national and local public health authority)

  • Consult with workers regarding potential exposure and the associated risks

  • Consider whether work activities put workers and other people at risk of exposure to coronavirus (COVID-19)

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HEALTH ALERT

RESOURCES

FOR RETAILERS

FAIR WORK

OMBUSDMAN

SAFE WORK 

AUSTRALIA

 

In light with the recent issue of the Coronavirus Disease (COVID-19)

 

Phillip Chapman, the Director of Lease1, provides his comments on how it affects the retail sector.

Here is a 10 Step Plan of Attack:

  1. Review Rosters v Trading Hours and create a saving plan (landlords are already advising they will be flexible here)

  2. Negotiate with Bankers to defer loan payments

  3. Same for Equipment and Chattel leases, seek to defer

  4. Suppliers, negotiate suitable payment terms and even defer part or all payments for a period of time

  5. Review and remove all non-essential operating costs, for example storage

  6. Defer capital expenditure on equipment, shop refurbishments, etc., and channel funds into the operating costs plan

  7. Compare your numbers on customer counts, sales, gross profit and P & L reports for the same weekly/monthly period this year to last year-be an open book

  8. Review your lease for savings areas such as waiving of annual rent reviews, reduction in security/bank guarantee to free up capital

  9. Create a revised sales and cash flow projection to the end of this calendar year making assumptions based on the above savings

  10. Make an appointment to sit down with your Landlord and discuss where they fit into the battle plan. This may be through rent abatement, deferring rent, extending lease term or a combination of these.

Following our webinar with Amy Towers - Principal Health and Safety Risk Expert, on COVID-19 Outbreak – Managing health and safety in the workplace,

 

We have formulated a list of resources for you to protect any risks against workers and others who may contract COVID-19 in their workplaces.

Australian Government COVID-19 Information for Employers

Australian Government COVID-19 Isolation Guidance (if someone has been in contact with a confirmed COVID-19 case)

World Health Organisation – Getting Your Workplace Ready for COVID-19

Australian Government COVID-19 Infection Control Training

General Infection Control Guidelines – Victorian Government (whilst general, may be helpful)

 

Comcare Working from Home Checklist

 

Australian Government Environmental Cleaning and Disinfecting Guidelines COVID-19

 

Optometry Australia

A query about optometry services came up in the webinar.  Optometry falls into two industries, retail and optometry, therefore, it would be suggested that those retailers offering optometry practices monitor the advice within optometry industry as well as retail. 

 

It is also suggested that risk assessments are carried out to determine what optometry services should continue within the business based on risk.

POSTERS FOR BUSINESSES:

 

1) Max occupancy instore poster

PDF DOWNLOAD
WORD DOWNLOAD

2) General social distancing poster

- PDF DOWNLOAD

3) Health.gov.au campaign resources

 

Do you have questions about COVID-19 affecting your business?

Phone 1300 368 041  or submit a query here