COVID Support Payment
Yesterday the government announced a new COVID Support Payment for businesses.
Each COVID Support Payment will be $4,000 per business plus $400 per full-time employee, capped at 50 FTEs or $24,000.
To qualify, applicants must show a 40 per cent drop in 7 consecutive days within the 6 weeks prior to the shift to Phase 2 of the Omicron response on 15 February 2022, compared to 7 days after that date.
It will be available on a fortnightly basis for 6 weeks, with 3 payments in total. The government has the option to extend after this date if they deem it necessary.
Applications for the first payment open on Monday 28 February 2022, with payments starting from 1 March 2022.
Small Business Cashflow LoansChanges are also being made to the Small Business Cashflow Loans Scheme to increase the amount of funding available to eligible businesses through the introduction of a ‘top up’ loan.
The government has also agreed to remove the first 2 years of accrued base interest from all borrowers who have, or will, take out a loan under the scheme. This change will mean interest will only start accruing at the beginning of year 3.