The government’s Coronavirus response includes three business-specific measures that will enable businesses to support the economy and retain employees in the months ahead:
- A tax-free cashflow boost of between $2,000 and $25,000 for businesses with a turnover of less than $50 million, to help pay wages, hire extra staff, or for investment.
- Funding of up to $21,000 per apprentice or trainee, to help small businesses keep their employees in work, and
- Raising the threshold for instant asset write offs from $30,000 to $150,000 and expanded to businesses with an annual turnover of up to $500 million, increased from $50 million.
This response should help sustain economic activity through our region in response to COVID-19 and frankly against the compounding effects of the aftermath of the bushfire season.
Importantly, the social security measures announced will see cash being flushed into the economy in the form of one-off $750 payments, which will be particularly welcomed in the retail sector.
The Commonwealth and NSW governments have announced a new small business support grant of $10,000, to cover small business loss of income. Small businesses who have received assistance under other grants or initiatives may also be eligible for this grant.
The grant will be available to small businesses that:
- Have experienced a significant decline in revenue due to the recent bushfires
- Are located in bushfire-impacted local government areas (LGAs) which includes Wingecarribee Shire.
Links to grants and loans below:
For information on the National Bushfire Recovery follow this link: