COVID-19 Business Hub
Last updated at: 20/05/20 4:18pm
With the ever-changing economic environment as a result of the COVID-19 virus, businesses need to navigate the complex web of Federal and State and Territory stimulus packages, as well as varied sources of advice and guidance to ensure their business remains viable now and into the future.
To help, we have created a centralised point of reference for advice and updates on all matters relating to managing your business through these challenging times.
Here you’ll find an overview of the federal stimulus package, as well as regularly updated overviews on each state and territories localised initiatives. We have also pulled together an advice page to cover off how you can look to maintain cash flow and operations through these difficult times which includes a useful links and FAQs section to cover off some of the more frequent questions we’re hearing from our various partners, clients and prospects.
Your first point of call should be our Immediate Actions Checklist below. Be sure to also study the relevant stimulus packages available to your business.
Latest News & Updates
- COSBOA gets green light on $10K SME grants
Small business organisation COSBOA is offering 67 grants of $10,000 to help small businesses recover from the coronavirus pandemic. The grants, funded by a donation software company Salesforce, are for SMEs with between two and 50 employees and annual revenue of between $150,000 and $2 million. Applications open Monday May 25 and close on June 1. Details here.
- PM flags end of JobKeeper, start of JobMaker
The Prime Minister has ruled out extending the JobKeeper program beyond September. In a speech to the National Press Club on May 26, Scott Morrison flagged a new government scheme with the JobKeeper subsidy giving way to tax reform and cutting red tape to help SMEs get back on track. The PM said there would be a focus on abolishing taxes that discourage businesses to invest and employ. My Business has details on his speech.
- Fringe benefits changes during tough times
The ATO has provided detail on exemptions from Fringe Benefits Tax to employees, such as helping an employee who has been relocated from a high-risk area and has to self-isolate or paying for temporary emergency meals. The due date for lodging the 2020FBT has been deferred from May 21 to June 25 2020 due to COVID-19. More info.
Immediate Actions Checklist
Your number one priority needs to be your cash flow and maintaining the war chest as best you can. Below is a top 5 priority list that we strongly advise that you as a business owner or director go through in detail:
- Your employees
- Who is mission critical to your ongoing trading? Identify these people and keep them safe. If you can, split them into ‘Team A’ and ‘Team B’ to reduce the chance of everyone being away from your business at the same time if people need to self-isolate.
- Can you offer your staff any incentives to take (unpaid) leave or temporarily reduce their salary? Incentives could include an extra week of annual leave next year or finishing at 3pm on a Friday during next summer.
- Your clients
- Look at which clients are your top 5 revenue earners? Call them to ask if they can pay you early and if they will still be ordering from you next week / month.
- Speak to your clients every week; their world can change quickly and you want to be across any changes as soon as they happen. Make sure your clients are preparing their business to weather this storm in the same way you are.
- Government assistance, including the ATO
- Have you read through the state, territory and national stimulus packages to understand what support is available to you? Do you know your next steps to accessing these packages? Overview of national and state stimulus packages below.
- If you are on an ATO repayment plan, have you called to ask for a temporary (3 – 6 month) stop to your regular repayments? Find out more here.
- Regular and honest communication with your financier is key. Have a good think about what help you need; if you need additional money, do you have anything else to offer to support your request?
- Have you read through the Government stimulus packages available? Many banks are deferring mortgage repaymentsfor 3 – 6 months if you need some hardship support.
- Open lines of communication with your suppliers early.
- If you trade from rented premises, proactively call your landlord and ask for some relief. Options may include reducing rent now and paying more when covid-19 passes or renegotiating your rent to only pay a % of revenue.
More resource and info can be found below, or to discuss how ScotPac can help submit your details in the below form or call us today to discuss.