The COVID-19 crisis continues to escalate quickly impacting all businesses. We expect this crisis will worsen making planning and cashflow management critical for all businesses, not just those in initially impacted industries.
Last week, the Federal Government announced stimulus measures to assist businesses to deal with the implications of COVID-19. For more information on these measures click here. We believe many businesses will require support over and above this to survive this crisis.
To assist affected businesses we have been able to organise payment deferrals with the ATO for clients to assist with cashflow management. The Queensland State Government have announced grants of up to $250,000 will be made available through the Queensland Rural and Industry Development Authority (the same body that administers drought and other assistance packages). More details on these loans will be available by the end of the week. We also expect the Federal Government to announce additional stimulus measures which could include loans and wage subsidies.
For more information on the assistance packages available, or for advice on how best to navigate through the COVID-19 crisis, please contact Darren, Shaun or your Halpin Partners adviser on 4052 0800.