Keeping your business on top of Covid-19 – Financial Relief

Keeping your business on top of Covid-19 – Financial Relief

These are tough times for everyone as we find ourselves in lockdown again. There is continuing help available for business, so we’ve put together a quick guide to the four key areas of financial support that could provide you with some relief:

  • Resurgence wage subsidy – a two-week payment open from 21 August to 3 September for all businesses who meet the criteria and aren’t receiving the wage subsidy or wage subsidy extension. 
  • Wage subsidy extension and leave support – this is available to help employers who are still significantly impacted by Covid-19 after the wage subsidy ends. Businesses must have experienced a minimum of 40% decline in revenue over a 30 day period within 40 days prior to applying for the extension, compared to the closest period last year. Applications close 1 September. The Leave support scheme provides payment to businesses to pay their workers who can’t work due to public health guidance or who can’t work from home. 
  • Small business cash flow loan scheme support businesses that are doing it tough because of loss of actual or predicated revenue as a result of Covid-19. If you have 50 or fewer full-time equivalent employees, you could be entitled to a one-off loan. Applications have been extended until 31 December 2020. 
  • Business debt hibernation helps companies, trusts, and other business entities affected by Covid-19 to manage their debts. Use the decision tool to find out if it’s a good option for your business. 

For the all latest business info and details on what you may be eligible for, check out this one stop shop from the government.  

For a confidential conversation about your insurance program, contact one of our members today.

General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

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