PM announces $66 billion coronavirus stimulus package

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.

For more information, click HERE

For further information on how the Australian Government can support you, see the following links.

Economic response to the coronavirus

Delivering support for business investments 

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

Business.gov.au

servicesaustralia.gov.au

dss.gov.au

dva.gov.au

ato.gov.au

health.gov.au

rba.gov.au

apra.gov.au

 

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