This articles provides a summary of the measures currently available to help businesses get through the current crippling COVID-19 crisis.
State and Federal initiatives are listed.
$300 million Business and Jobs Support Fund
The Business and Jobs Support Fund will be used to directly assist individual businesses and industry sectors facing potential collapse and the loss of thousands of jobs due to the ongoing impacts of coronavirus and necessary new restrictions to limit its spread.
There are no criteria or guidelines. To make a submission, individual businesses are directed to email submissions to: [email protected].gov.au addressing how their business has been impacted by COVID-19.
Please include the below information in your submission, and industry/sector submissions are also strongly encouraged to ensure targeted support can be offered.
- How the current restrictions are affecting your operations – e.g. forced shutdown, downturn in trade
- The size of your operation – e.g. workforce before the restrictions and after
- Impact on your cashflows
- What specific issues you are worried about – e.g. paying your rent, regulatory requirements that are difficult to meet in the current environment, debt obligations or other issues
For assistance with utility bills: SA Water invites all its customers to contact them to discuss any payment difficulties being faced due to COVID-19. The SA Water assistance line is 1300 729 283.
Similarly with power bills, the Australian Energy Council (comprising 23 major energy companies) has directed that customers receiving hardship assistance during this time will not be disconnected if they are unable to afford their energy bills. Late fees, debt collection and bankruptcy proceedings have also been put on hold. The advice is to contact your provider as soon as possible to discuss payment extensions and bill management plans.
Payroll relief: Business groups with annual wages of up to $4 million will receive a six-month payroll tax waiver. Eligible business groups will not be required to pay any payroll tax in the months of April to September 2020. Further information is available at https://www.revenuesa.sa.gov.au/grants-and-concessions/covid19-relief
Land Tax relief:
From July, the Government’s significant land tax reforms will kick in, delivering $189m in savings to investors and landlords over the next three years. Under the new measures, individuals and businesses with outstanding quarterly bills for 2019-20 able to defer payments for 6 months. For 2020-21 Land Tax Transition Fund relief will be increased from 50% to 100% based on existing relief criteria guidelines – saving some investors up to $50,000. Further information is available at https://www.revenuesa.sa.gov.au/grants-and-concessions/covid19-relief
Fees and Charges
Waiver of liquor licence fees for 2020-21 for those hotels, restaurants, cafes and clubs forced to close as a result of new social distancing restrictions
Increased funding for the Economic and Business Growth Fund
Further information on the Economic and Business Growth Fund is available at https://www.treasury.sa.gov.au/Growing-South-Australia/economic-and-business-growth-fund
BANK INDUSTRY ASSISTANCE
Offering to defer repayments on eligible small business loans
Offering very low interest loans including overdrafts with no repayments for 6 months, supported by the Government through an SME Loan Guarantee
$130 billion Job Keeper wage subsidy scheme:
Small or medium business with reduced cash flow?
Help to boost your cash flow.
Is your business financially distressed?
How the government can support you
Assisting with economic recovery
Support to grow
Employ an apprentice or trainee?
Support for employers
Are you a sole trader that has lost business?
Support for sole traders
Household finances hit by reduced work?
Commonwealth Helpline for Business 13 28 46
South Australian Coronavirus Health Information Line: 1800 253 787
The National hotline, open 24 hours/7 days: 1800 020 080