It's an incredibly difficult and unprecedented time for all business owners throughout Australia. As a director of CFO Specialists, I have spoken to many business owners and directors who are hurting and struggling. The majority of businesses I work with are closing, or facing closure.
Fortunately, the Federal Government recognises the pain businesses are going through and have pledged an unprecedented $213bn in financial support for Australian Businesses and individuals.
I'm guessing that some of you, like my clients, are too busy trying to keep your business afloat to look into the packages, let alone understand how they apply to you and your business to prevent closure.
I found an excellent summary from the National Tax & Accountants’ Association that explains how the JobKeeper Payment applies to you as a business owner or self-employed individual.
The document is an excellent resource that I highly recommend for all business owners. It explains:
- What is the JobKeeper Payment?
- When is an employer or business eligible for the JobKeeper Payment?
- When can the JobKeeper Payment be claimed in respect of an employee?
- How does a business apply for the JobKeeper Payment?
- How is the JobKeeper payment applied by an eligible business?
- Examples of situations for eligibility.
I've also found a range of materials and sources of information to assist small businesses. Boosting Cash Flow for Employers covers all aspects of the Federal Government’s Stimulus Packages including Federal Government Grants, which can provide a lifeline to businesses.
The Australian Banking Association’s Small Business Relief Package overview provides details for businesses on how to access a six-month deferral of all loan repayments.
For small businesses in Victoria and NSW, the state governments have published critical support information. Even if you are not in those states, those links still have some relevant and useful information.
At Strategic Specialists Group we continue to support small-to-medium businesses to navigate the complexities of what we are all going through as a result of the COVID-19 global health pandemic. As a small business ourselves, we understand the critical responses required for business survival. Connect with me to discuss how our CFOs and strategic specialists can assist you and your business now.