Following the National Cabinet meeting today, an agreed framework has been established that will provide more clarity for businesses and individuals seeking business support during and following lockdowns due to the COVID-19 pandemic.
This is a welcome development that will impact the COVID disaster payment and business support payments from today.
Support for Individuals
- Removal of The ‘Liquid Assets’ test, which previously excluded people with more than $10,000 in savings or other liquid assets.
- Acceleration of individual COVID support payments from four weeks to two weeks lockdown (rather than the fourth week) with payments made in arrears to the first week of the lockdown.
- Fast-track of emergency COVID-19 support payments that will increase from $500 to $600 per week for workers who have lost more than 20 hours of work in a week, and $375 per week for employees losing less than 20 hours per week. This sets payment arrangements to the same level as they were for JobKeeper in December 2020.
Support for Businesses
- Support payments to businesses affected by lockdowns will now kick in after 14 days rather than the 4-week threshold period currently in place.
- Eligibility requirements:
- Annual turnover rates of between $75,000 and $50 million
- Turnover must have been reduced by 30%, and be based on the first two weeks of any possible lockdown compared to a similar period in 2019
- Businesses will be eligible to receive payments equivalent to 40% of their payroll amount, ranging from a minimum of $1500 to a maximum of $10,000
The above identifies a national standard of what states and territories can expect in terms of support from the Federal Government to help them in dealing with the consequences of further lockdowns. For a list of additional business support available please visit business.gov.au
Mental Health Support
This is an immensely difficult time for businesses and individuals all-around Australia. Please understand that you do not need to suffer in silence and there are resources available to support you, your loved ones and your business through this period.
Lifeline on 13 11 14
beyondblue on 1300 224 636
MensLine Australia on 1300 789 978
Suicide Call Back Service on 1300 659 467
Kids Helpline on 1800 551 800
Headspace on 1800 650 890
QLife on 1800 184 527
Reach Out to Us
We, in conjunction with individual State Associations, continue to advocate strongly on behalf of industry. Please do not hesitate to reach out to the National Association (email@example.com) or to your State Association if you have any queries or to raise a specific issue that you think we should be addressing with Government.