CALL US TODAY
(07) 4944 0449

COVID-19 Government Schemes Available & Lender Responses

Mar 24, 2020 | Business, Real News, Taxation | 0 comments

Amidst the uncertainty that is, we hope this information and our DGL family, can offer some reassurance and assistance during what is, and will continue to be, a challenging economic time within Australia and beyond. This is a message of positivity outlining COVID-19 Government Schemes available & Lender Responses to hardship options obtainable.

 

Government Schemes

 

Queensland Chamber of Commerce – information on state and federal government support and practical support for your business here.

Information and support for business here.

Cashflow assistance fact sheet – here.

Business investment fact sheet – here.

Stimulus payments for households fact sheet – here. 

Concessional loan facility – business specific

  • Support businesses affected by coronavirus by helping them to retain staff during the economic downturn
  • Loans of up to $250,000.00 with an initial 12-month interest free period
  • Being rolled out ASAP with the assistance of the Queensland Rural and Industry Development Authority. More information will be provided by the end of the week. For updates, click here or here.

Deferred tax liabilities – business specific

  • Office of State Revenue is negotiating repayment plans for deferred tax liabilities with affected businesses across Queensland
  • Through the relief package, you won’t need to lodge or pay payroll tax returns before 31 July 2020
  • Rolled out earlier this month. For more information, click here.

Increase in instant asset write off – business specific

  • Government has increased the instant asset write-off threshold from $30,000.00 to $150,000.00 and expanded access to all businesses with aggregated annual turnover of less than $500 million
  • Provides cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets
  • Applied on a per asset basis
  • Rolled out now. For more information, click here.

Backing Business Investment – business specific

  • Limited 15 month investment incentive to support business investment and economic growth by accelerating decpreciation deductions
  • Applies to eligible assets acquired from 12 March 2020 and first used or installed by June 2021
  • Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation
  • Rolled out earlier last week. For more information, click here.

Boosting cash flow – business specific

  • Provides $25,000 tax free payment back to eligible small and medium-sized businesses
  • The payment will provide cash flow support to businesses with a turnover of less than $50 million that employ staff
  • For more information, click here.

Government mentor program – business specific

  • Mentoring for Growth program – connects experts with impacted small business for business planning
  • For more information, click here.

Stimulus payments for households 

  • The Australian Government will provide financial assistance to around 6.5 million lower-income Australians
  • One-off payments of $750 will be paid to around 6.5 million lower-income Australians, including pensioners, other social security and veteran income support recipients and eligible concession card holders
  • The one-off payment will be paid from 31 March 2020
  • More information can be found here.     

 

Lender Responses

 

Please note the list of lenders is too extensive to include them all here. You should be able to find your lender’s hardship options by googling “(insert lender) hardship problems” but should you have any difficulty, please give us a call.

 Australia and New Zealand Banking Group  – more information here.

 Bank of Sydney – more information here or call 13 95 00. 

  • Short term deferral of loan repayments
  • Temporary facility conversions from Principal and Interest to Interest Only to reduce repayments
  • Extending loan terms to reduce ongoing repayments
  • Debt consolidation/restructuring

Commonwealth Bank of Australia – more information here.

National Australia Bank – more information here.

Suncorp – call 13 11 55. 

  • an opportunity to defer scheduled loan repayments (including interest only) on a case-by-case basis
  • rearranging existing loans (for example, principal and interest to interest only) with the waiver of establishment fee
  • waiving early withdrawal fees for customers wishing to withdraw from term deposits and/or Farm Management Deposits
  • working capital assistance, and
  • no interest rate increases.

Westpac – call 1800 067 497. 

  • Fee free redraws
  • Business loan deferred repayments up to 3 months
  • Option to extend Business Loan term by up to 3 months
  • Restructuring and consolidating loans
  • Access to term deposit funds without reduction in interest rate
  • Deferred payments for Business Credit Cards
  • Business Financial Counselling access
  • No establishment fees on equipment finance loans

WorkCover Queensland – see FAQS and more information here.

DGL Accountants are still open and fully operational. If anything, we are busier. Pre-occupied by keeping up with developments, options and packages, educating you, forecasting your business contingencies, protecting your assets, strategising and getting on the phone to you to see how we can help. Please get in touch if there’s anything at all you need during these times of uncertainty.