Business Recovery after Covid-19
Market fluctuations and unpredictable global situations like the Corona pandemic have highlighted how important it is to to have a business recovery strategy in place.
From navigating government support programs like JobKeeper and working out how to manage costs in the face of reduced revenue, professional advice will help your business have the best chance at survival.
So what do you need to know moving forward? Let’s dive into how our team can help you weather the storm.
The Coronavirus SME Guarantee Scheme will guarantee 50 per cent of new loans issued by eligible lenders to SMEs.
The guarantee will apply to eligible unsecured loans of up to $250,000 per borrower (plus interest) and will apply to both principal and interest.
Loans must be approved by 30 September 2020 in order to be covered by the guarantee.
The Government will provide eligible lenders with a guarantee for loans with the following terms: SMEs, including sole traders, with a turnover of up to $50 million. Maximum total size of loans of $250,000 per borrower. Loans will be up to 3 years, with an initial 6 month repayment holiday. Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.
The Australian Taxation Office (ATO) will provide relief for certain tax obligations for businesses affected by the Coronavirus on a case-by-case basis. Contact us now to find out if you can take advantage of BAS payment deferrals and monthly GST credits.
Aside from JobKeeper payments, there are a few other resources available to small businesses, including relief for commercial tenants and early access to Superannuation. Additionally, the Victorian State Government announced on July 10th a $534 million support package which offers:
- cash grants for struggling businesses
- mental health support for business owners relief for tourism operators
- financial support to be used for seeking advice and business strategy support.
