If you run a small business in the field service industry, we understand that finances may be a struggle during the coronavirus outbreak. If you are searching for financial aid, tax deferrals or other funding assistance take a look at the following resources which we have collected together.
Business loans and grants
National stimulus packages
To ease the financial challenges presented by coronavirus, the Australian federal government is providing regular stimulus packages. These include:
- Up to $25,000 for small and medium-sized businesses.
- $1 billion to support regions and communities disproportionately affected by the economic impacts of the coronavirus.
- Unsecured small business loans of up to $250,000 from many of Australia's major banks, including NAB and Bankwest.
- Tax relief for those businesses hit hard by the economic downturn on a case-by-case basis.
Discover more details about the national stimulus package on the Prime Minister of Australia website.
The coronavirus supplement
The Australian government has provided financial assistance for coronavirus if you receive an eligible income support payment. For more information about the supplement and how to apply, visit servicesaustralia.gov.
Economic support payment
As part of the government response to coronavirus, you will receive one or two payments if you already receive a government pension or allowance.
Keep in mind that:
- How much you receive depends on your circumstances.
- This payment will be included with your regular payments.
Find more information about this payment at servicesaustralia.gov.
The JobKeeper Payment
Under this payment, businesses impacted by the coronavirus will be able to access a subsidy to continue paying their employees. The Government will provide a fortnightly payment of $1,500 per eligible employee until 27 September 2020.
Eligible employers include:
- Businesses that have an aggregated turnover of less than $1 billion and estimate their turnover has fallen by more than 30 per cent or more.
- Businesses that have an annual turnover of $1 billion or more and they estimate their turnover has fallen or will likely fall by more than 50 per cent.
- Businesses not subject to the Major Bank Levy.
Learn more about the JobKeeper payment at business.gov.au.
State stimulus packages
In addition to the national stimulus packages, states and territories are also announcing financial assistance.
This includes relief such as:
- Assistance to commercial landlords to help them provide rental relief to business owners.
- $450 million towards waiving payroll tax for businesses with payrolls of up to $10 million.
- Waiving rental payments for six months for eligible small businesses.
Financial assistance varies from state to state, so be sure to visit your state’s government website to find details which apply to you.
Resources for further guidance
- Moneysmart - They have provided a list of support and services that are available to help you make financial decisions during COVID-19.
- The National Debt Hotline - For debt guidance during these times, call 1800 007 007 to speak to trained financial counsellors.
- Financial counselling services - This free service will help you sort out financial issues if you have bills you are struggling to pay, tax debts or other problems.
- Finder - They are sharing information about where to find loans for small businesses affected by the coronavirus.
Please keep in mind that this guide is meant to be a list of financial resources, and simPRO does not claim to be a source of financial advice.
If you are looking for other resources to help you best manage your field service business during the COVID-19 outbreak, visit our COVID-19 Crisis Management Hub.