Australian Prime Minister Scott Morrison has announced a $66 billion coronavirus stimulus package to support small businesses on 22 March 2020.
“There is a lot of pain coming but we’re going to cushion the blow as best we can,” says Scott Morrison in a statement.
Not-for-profits and small businesses will receives a tax-free, cash payment of up to $100,000 with a minimum payment of $20,000 for eligible companies.
Additional measures include temporarily doubling the Jobseeker Payment [previously called Newstart], allowing people to access $10,000 from their superannuation, and reducing deeming rates by a further 0.25 per cent.
The Commonwealth is also offering to guarantee unsecured loans of up to $250,000 for a term of up to three years.
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For further information on how the Australian Government can support you, see the following links.
Economic response to the coronavirus
Delivering support for business investmentsย
Cash flow assistance for businesses
Payments to support households
Assistance for severely affected regions and sectors
Early access to superannuation
Providing support for retirees
Providing temporary relief for financially distressed businesses
Support for the flow of credit
Income support for individuals
Government agency websites
