If your business has been affected by the Coronavirus pandemic, you may be able to benefit from the government’s support package - The Small Business Cash flow Boost which aims to support businesses that have been significantly impacted by Coronavirus.
The Government is providing up to $100,000 to eligible small and medium sized businesses, and not-for-profits (including charities) that employ people, with a minimum total payment of $20,000 as a cash flow boost to support businesses impacted by COVID-19. This will be done through two sets of cash flow boosts delivered from 28 April 2020.
Who is eligible?
Small and medium business entities with aggregated annual turnover under $50 million and that employ workers will be eligible. Eligibility will generally be based on prior year turnover.
What could I receive?
Eligible entities will receive at least $20,000 up to a total of $100,000, combined across the two cash flow boosts.
How do the cash flow boosts work?
The Small Business Cash flow boosts work in two parts and is delivered through credits in the activity statement system, when eligible businesses lodge their activity statements. For more information on eligibility, timing, calculating and accessing the boosts, visit the ATO website for the most up to date information.
How do I apply?
You don't need to apply, the cash flow boost is a tax free payment to employers and is automatically calculated by the Australian Taxation Office (ATO). There are no new forms required.
What should I do first?
Talk to your accountant to understand your numbers and what it will mean for your business. This can help you forward plan for the cash flow.
How will I receive the funds?
Funds are being processed as credits from the ATO upon lodging activity statements
If your business is in need of support, the Federal Government’s small business cash boost may be able to help get you and your business through this time of financial hardship.
We’re here to help
Your financial wellbeing is important to us. In times of difficulty, when making the right decisions matter, it’s sensible to invest in expert advice.
Your local Mortgage Choice broker can be an important source of support to help your business on the road to recovery. During times of uncertainty and financial stress it's sensible to plan for recovery now, not later.
They can assist you in navigating through the lending and asset finance options suitable for your unique business’ needs - which will help get you back on track to recover and rebuild.