Federal Government

RELIEF FOR BUSINESSES & SOLE TRADERS 

If you’re a small or medium business with an annual turnover of less than $250 million who is dealing with the economic impacts of COVID-19, you may be able to access loans of up to $5 million over a term of up to 10 years. The Federal Government guarantee will be 80% of the loan amount and lenders are permitted to offer borrowers a repayment holiday of up to 24 months. Loans can be used for a broad range of business purposes, including to support investment.
Loans may be used to refinance any pre-existing debt of an eligible borrower. Loans can be either unsecured or secured (excluding residential property). The interest rate on loans will be determined by lenders, but will be capped at around 7.5%, with some flexibility for interest rates on variable rate loans to increase if market interest rates rise over time. Loans are available from 1 April 2021 until 31 December 2021.
Effective from 1st October 2021, in recognition of the continued economic impacts of COVID-19, the Federal Government will remove requirements for SMEs to have received JobKeeper during the March quarter of 2021 or to have been a flood affected business in order to be eligible under this Scheme.

In recognition of the continued economic impacts of the Coronavirus Pandemic, the Federal Government amended and extended the Scheme Rules, with effect from 1 January 2022. Under the previous SME Recovery Loan Scheme, loans were available from 1 April 2021 until 31 December 2021 with a Government guarantee of 80%. Under the 2022 Scheme expansion, loans are available from 1 January 2022 until 30 June 2022, with a Government guarantee of 50%.

Restart Investment to Sustain and Expand (RISE) Fund

Applications for this program closed on 5 December 2021. Batch 6 funding recipients were announced on 21 December 2021. Applications that identified a project start date of 1 February 2022 or later, and were submitted by the closing date of the program on 5 December 2021, can expect to know the outcome of their application from late January 2022 — these will now be included in assessment Batch 7. The Fund has $20 million remaining to be allocated in this final batch.

If you make a request to the ATO, you may be eligible for: 

 

Loss Carry Back Tax Offset

If you are an eligible corporate entity, loss carry back gives you a refundable tax offset when you choose to carry back losses to specific earlier income years where you had income tax liabilities. As it is a refundable tax offset, you may get a: cash refund, or reduced tax liability, or reduction of a debt owed to the ATO.

You can claim the tax offset if you:

RELIEF FOR INDIVIDUALS

COVID-19 Disaster Payment 

Applications have now closed as a result of vaccination rates in NSW, even if your area is affected by movement restrictions.

Pandemic Leave Disaster Payment

Pandemic Leave Disaster Payment is a lump sum payment to help you during the time you can’t work and earn income because you have to:

  • self-isolate or quarantine due to COVID-19, as required by your state or territory government
  • you’re caring for someone who has to self-isolate or quarantine due to COVID-19, as required by their state or territory government.

You have to self-isolate or quarantine for one of the following reasons:

  • you have coronavirus (COVID-19)
  • you’re a close contact of a person who has COVID-19
  • a child you care for who is 16 years or under, is a close contact of a person who has COVID-19
  • you’re caring for someone who has COVID-19
  • you’re caring for someone with disability or a severe medical condition who must self-isolate or quarantine because they’re a close contact of a person with COVID-19.

You’re a close contact if you either:

  • usually live with the person who has tested positive with COVID-19
  • have stayed in the same household for more than 4 hours with the person who has tested positive with COVID-19 during their infectious period.

From 27 April 2022, you’re also a close contact if your state or territory government requires you to isolate as a close contact.

An infectious period may be up to 3 days before a person experiences symptoms of COVID-19.

You must also meet both of the following requirements to be eligible:

  • you’ve lost at least 8 hours or a full day’s work
  • you have liquid assets of less than $10,000 on the first day of the period you’re claiming for.

Liquid assets are any funds readily available to you in cash or savings, or assets that can easily be changed into cash. For example, money loaned to other people.

If you’re claiming for isolation or caring periods beginning on, or before, 17 January 2022, different rules apply to you. Refer to this page for further details.

Other COVID-19 Payments

If you need longer term financial help, you may be able to get a payment such as:

Help with Paying Amounts Owing to the ATO

If you make a request to the ATO, you may be eligible for: