The Federal Government has released the second stage of its economic plan worth $66.1 billion to soften the economic impact of the coronavirus. The second package adds on to the $17.6 billion from the first economic stimulus package and $90 billion worth of relief from the RBA.

What support is available for small businesses impacted by COVID-19?
 
If you're a sole trader without employees, you may be eligible for:

The increased instant asset write-off
•    Lifting the instant asset write off threshold from $30,000 to $150,000 for assets installed or ready for first use by 30 June 2020.
•    Read more about the increased instant asset write-off

Accelerated depreciation deduction arrangements
•    Accelerating depreciation deductions to support business investment. To 30 June 2021 businesses with a turnover under $500 million will be able to deduct 50% of the cost of an asset on installation, with existing depreciation rules applying to the balance.
•    Read more about accelerated depreciation deduction

Increased and accelerated income support
•    Expanding eligibility to income support payments and establishing a time-limited Coronavirus supplement of $550/fortnight for existing and new recipients of eligible payment categories for 6 months.
•    Read more about the increased and accelerated income support

Assistance for affected regions, communities and industries
•    The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
•    Read more about the assistance for affected regions, communities and industries

Tax support
•    The ATO is relieving some tax obligations for businesses affected by COVID19. Contact their business Emergency Support Infoline on 1800 806 218 to request this help.
•    Read more about tax support for small businesses
 
SME Guarantee Scheme
•    Funding to meet immediate cash flow needs by enhancing lenders’ willingness to provide credit. Businesses with a turnover of up to $50 million will be eligible.
•    Read more about the Coronavirus SME Guarantee Scheme
 
 
If you're an employer, you may be eligible for:

Temporary cash flow support
•    Employers will receive a payment equal to 100% of their salary and wages withheld (up from 50%), with the maximum payment increased from $25,000 to $50,000 and the minimum payment increased from $2,000 to $10,000.
•    An additional payment is also being introduced equal to the total of all of the Boosting Cash Flow for Employers payments received. This means that eligible businesses will receive at least $20,000 up to a total of $100,000 under both payments. Not-for-profit entities will also be eligible.
•    Learn more about boosting cash flow for employers

Assistance to help pay the wages of apprentices or trainees
•    Eligible employers can apply for a wage subsidy of 50% of apprentice or trainee wages paid during the 9 months from 1 January to 30 September 2020.
•    Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.
•    Employers will be reimbursed up to $21,000 per apprentice ($7,000 per quarter).
•    Read more: help pay for the wages of your apprentices or trainees

Casual employees
•    If you employ a casual employee and they can’t work because they become sick or need to self-isolate, or their income has been otherwise impacted by the economic downturn caused by the coronavirus, they may be eligible for income support payments.
•    The Government is making these payments quicker to access by waiving the usual waiting period in certain circumstances.
•    Information on income support is available on the Services Australia website.