Currently, much of Australia is experiencing lock-downs, travel restrictions, and border closures due to the pandemic. While vaccines offer hope on the horizon, in the meantime many individuals and businesses, in NSW in particular, are doing it tough once again.

Federal and State Governments announce new aid

Here are some good places to find financial resources and up-to-date information relevant to where you live to help you through Australia’s current COVID-19 crisis:

Following the growing outbreak in Greater Sydney, the Morrison and Berejiklian Governments announced a new NSW COVID-19 Support Package that aims to offer support to thousands of businesses and households across the state.

Support for businesses
Information about COVID-19 business support is available on the Service NSW website. This includes help for small businesses, not-for-profit organisations, and sole traders, including:

JobSaver is a program jointly funded by the NSW and Commonwealth governments to maintain employment for staff of small to medium-sized businesses during the current health restrictions. Businesses, including non-employing businesses, with an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020 may be eligible. Check the eligibility criteria to see if JobSaver support is available for your business.

The COVID-19 micro-business grant is geared toward micro-businesses, such as small businesses, sole traders or not-for-profit organisations, with annual turnover between $30,000 and $75,000, that are impacted by the current Greater Sydney COVID-19 restrictions. You may be able to apply for a $1,500 payment per fortnight of restrictions from late July 2021. Check the eligibility criteria to see if this support can help your micro-business. 

Other business support measures include:

  • Grants of between $5,000 and $10,000 for small businesses.
  • Payroll tax deferrals for all employers.
  • An extension of the Dine and Discover program to the end of August.
  • Hotels and clubs will have the option of deferring gaming machine taxes.

Support for individuals and households
If you can’t earn income due to COVID-19 restrictions in NSW, you may be eligible to get the COVID-19 Disaster Payment. This lump sum payment aims to help workers unable to earn income due to a COVID-19 state public health order, such as a lockdown, hotspot or movement restrictions, and is currently available in NSW, Victoria and South Australia.

More information about financial and other support is available on the Service NSW website. If you are in another state or territory you can also find links here to government websites across Australia with information on local COVID-19 support.

Relief from lenders

Australia’s major banks have announced new support measures for individuals and businesses being affected by lock-downs, travel restrictions, and snap shutdowns around the country. Among them:

  • Small businesses — with debts under $3 million and a turnover of less than $5 million — can apply for repayment deferrals of up to three months, with the deferred period added on to the end of the loan.
  • Both business and individual customers can also ask their bank for a repayment deferral on their home loan.

Contact your lender or visit their website to find out what assistance they have made available and how to apply. You can also find more information through the Australian Banking Association website.

Where to find up-to-date information in NSW

Official Australian Government information on COVID-19
NSW COVID-19 website, including resources for mental well-being
Service NSW’s COVID-19 support information
The ATO’s Online Services website

Financial Focus Program
Our Coach4U Financial Focus Program simplifies complex, often confusing financial matters to help people gain confidence in their financial decisions and achieve their financial goals. Participants receive individual guidance and coaching that focuses on their strengths and set up a wealth portal.

The Coach4U Facebook Community is a great place to find accountability and camaraderie with other individuals working to achieve their money management goals together. So, if you need some encouragement and support during this challenging time, do come say hello.

Callus anytime on (02) 8268 2900 for an obligation-free chat about your financial plans and goals.

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.