Updated: Mar 23
On 22 March 2020 (Sunday), Prime Minister Scott Morrison announced the second Government Stimulus Package (GSP 2) to fight the "war" against coronavirus.
Here's what it's in it for you:
$52 billion lifeline to #keepbizalive
The Government increased its support jobs and small-medium enterprises under $50 million turnover with 100% claim on PAYGW on salaries and wages, up from $25,000 in the first package to $100,000 to keep jobs at a cost of $32 billion and grant access to the SME Guarantee Scheme - 50% government guaranteed unsecured loans of up to $250,000 at a cost $20 billion. The minimum payment to eligible SMEs and NFPs is increased from $2,000 to $10,000 available from 28 April 2020.
Relief from creditors and insolvent trading
The Government has also stepped in to amend the Corporations Act, on top of the 6 month holiday to repay loans from the big banks, to temporarily increase the threshold that creditors can issue a statutory demand and time to respond, and also provide temporary relief for company directors from insolvent trading due to the COVID-19 pandemic impacts on businesses.
Support for Households
The Government is handing out a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight to both existing and new recipients of the JobSeeker Payment, Youth Allowance, Parenting Payment, Farm Household Allowance and Special Benefit.
The Coronavirus supplement will be paid for the next 6 months.
A top up of $750 to the first announced supplement will be given to eligible income support recipients and concession card holders, bringing it to a $1500. The first payment will be made from 31 March 2020 and the second from 13 July 2020.
Early access to Super
Eligible individuals in financial stress as a result of the Coronavirus can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
If you would like to apply for any of the above government assistance, please contact us ASAP as some of these have stricdeadlines to apply for the above.