Summary of Government measures designed to support private businesses be resilient, pivot and grow

All businesses are operating in challenging and unprecedented times with the outbreak of Coronavirus. In response, the Governments and the RBA have introduced measures to "build a bridge" to businesses as well as everyday Australians.

Coraggio is committed to keeping all businesses updated on the range of programs available to support your business be resilient, pivot and grow. Across the various programs, you may be eligible for:

• Access to superannuation; and 
• Instant asset tax write-off;
• Payroll tax relief;
• Concessional loans;
• Mortgage relief

There will also be possible changes to insolvency trading regulations and bankruptcy laws to ensure businesses can keep operating.

Coraggio: ensuring private businesses are resilient during tough times

Coraggio peer-to-peer mentoring offers business leaders a secure and confidential environment to challenge new ideas and share concerns with neutral parties who are committed and accountable to one another.

Working with the Chair, a lawyer and an accountant and your group of peer mentors from diverse backgrounds and sectors provides different perspectives to shared problems and opportunities, eliminates silo thinking and inspires improved personal and organisational performance.

During this difficult period for private businesses it is a privilege to lead Coraggio and support the resilience, growth and diversity of Australia’s top business owners and entrepreneurs.

We are currently set up to support all private businesses both in person and virtually. If you’d like to attend one of our introductory sessions please email me.

We wish you and your families good health and safety during these times.”

Richard Skarzynski

CEO and Advisory Board Chair

Further details of various Federal and State Stimulus measures (see links)* 

Small Business Assistance Package

The Australian Banking Association announce, that Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months. The Assistance Package will apply to more than $100bn of existing small business loans and could put as much as $8b back into the pockets of small businesses. Coraggio encourages you to reach out to your bank – even if this doesn’t apply. Read the release from the ABA here.

Commonwealth Government: A total package of $A66.1 bn that includes: JobSeeker payment, early release of superannuation, increased government payment for small and medium businesses. This is on top of the first package of $17.6 bn that focused on: increasing the instant asset tax write-off, investment incentives, boosting cash flow for SMEs, and payments to pensioners and other income support recipients. 

New South Wales: $2.3 bn stimulus package that includes: waiving payroll tax, removing a range of fees and charges from small businesses and bringing forward maintenance on public assets, including social housing.

Victoria: $1.7 bn economic survival and jobs package that includes: payroll tax refunds, rent relief and $500 million Business Support Fund established to support various sectors (hospitality, tourism, accommodation, arts and entertainment, and retail).

Queensland: $500m for a concessional loan facility to ease the effects of COVID-19 on Queensland businesses and keep employees working; as well as $27.25m assistance package and payroll tax deferrals for small and medium sized businesses. Full statement here.

South Australia: $350m stimulus package to include major road and hospital upgrades to significant tourism infrastructure and increased funding for the state’s Economic and Business Growth Fund to support industry sectors.

Western Australia: $607m stimulus package with most of it ($402m) to freeze household fees and charges until at least July 1, 2021. Freeze will apply to entire 'household basket', including electricity, water, motor vehicle charges, emergency services levy and public transport fares.

Tasmania: $420 m stimulus package including Emergency Relief Payments for those in isolation and Accommodation support.

ACT: economic survival package injecting $137 m, with rebates of $150 for Canberra households, as well as a freeze on a number of ACT Government fees and charges, including the fire and emergency services levy, public transport, vehicle registration and parking fees.

Reserve Bank of Australia

RBA cut the cash rate by 25bp to 0.25%, and launched unconventional Monetary Policy to target yields (through quantitative easing) for 3-year Australian Government bond yields, and other measures to support authorised deposit-taking institutions (ADIs). 

Australian Banking Association

Australian banks will defer loan repayments for 6 months for small businesses who need assistance because of the impacts of COVID-19. Individual banks have also introduced moratoriums for mortgage repayments and other lending.