The COVID hardship and grant programs that may be able to assist you

With the pandemic tightening its hold on many parts of Australia once more, we'll walk you through some of the hardship and award alternatives that may be available to you or your company today.

It’s safe to assume that no one wants to be here, regardless of politics. Yet here we are, with no JobKeeper or the original JobSeeker money to assist us stay afloat this time around.

So, what are the current grants, programs, and hardship relief options for small businesses and individuals?

Let’s have a look at the COVID support options available this year.

Deferred payments on home and business loans

Lenders are offering up to three-month repayment deferrals to impacted small businesses with good standing loans.

Lenders are also offering a variety of assistance to home loan borrowers, including monthly debt deferrals.

More than 14,500 house loans and more than 600 business loans have been postponed since July 8.

“Regardless of geography or industry, support is available to all small businesses and home loan customers who have been substantially impacted by current lockdowns or are recovering from recent lockdowns,” says Anna Bligh, CEO of the Australian Banking Association.

Payments and grants for businesses

Each state and territory, as you’ll see below, has its unique set of grants and programs for both enterprises and individuals.

It’s important double-checking to see whether your company is eligible for any other grants or payments that aren’t included below because the situation is continuously changing.

NSW: If you’re a business, sole trader or not-for-profit organisation in NSW and you’ve been impacted by the recent COVID-19 restrictions, you may be eligible for a one-off grant of $7,500, $10,500 or $15,000. Apply here by September 13.

Victoria: There are several grants in Victoria for employing and non-employing businesses. The Small Business COVID Hardship Fund provides $10,000 grants for eligible SMEs that have experienced a reduction in turnover of at least 70%. Apply here by September 10. The Business Costs Assistance Program Round Two offers grants of $4800 to eligible businesses in specific industries. Apply here by August 20.

Queensland: Lockdown-impacted businesses in Queensland can apply to receive a grant ranging from $10,000 to $30,000, depending on the size of their annual payroll. Grants of $1,000 are also available for non-employing sole traders. Apply here by November 16.

Western Australia: The Small Business Lockdown Assistance Grant: Round Two provides $3000 cash flow support to small businesses in industry sectors most impacted by the recent circuit-breaker four-day lockdown and interim restrictions. Apply here by August 31.

South Australia: Small and medium-sized businesses forced to close as a result of the state’s lockdown (beginning 20 July 2021) may be eligible for a $3,000 emergency cash grant. Sole traders may be eligible for $1000. Apply here by October 17.

ACT: COVID-19 Business Support Grants will provide up to $10,000 for employing businesses and up to $4,000 for non-employing businesses that experienced a turnover decline of 30% or more as a result of the COVID-19 lockdown health restrictions. Find out more here.

For individuals

The COVID-19 Disaster Payment is a single sum payment made by the federal government to assist workers who are unable to work as a result of a COVID-19 state public health order.

A lockdown, a hotspot, or restrictions on movement are all possibilities. Depending on your location and circumstances, you may be able to get a lot of money. Residents of the ACT, NSW, QLD, South Australia, and Victoria are eligible to apply.

Support from tenants and landlords

Tenants affected by the epidemic will be eligible to get up to $3,000 per tenancy agreement if landlords in NSW cut rents for them.

The take-home weekly income of a landlord’s tenant must have decreased by 25% or more in order for them to be eligible. In addition, the tenant must continue to pay at least 25% of the rent due.

Meanwhile, where a tenant is entitled for commercial tenancy relief support, the Victorian government has made it a requirement for commercial landlords to provide rent relief that matches their tenant’s decrease in turnover as a result of the coronavirus.

Contact us right away.

Last but not least, there are a variety of refinance and restructuring choices available to help you save money on your monthly business or home loan payments (without hitting the pause button). Among them are:

– requesting a better rate or switching to a lender that can offer one;

– extending the term of your credit card;

– for a length of time, making only interest-bearing payments; and

– consolidating debt.

We’re ready to help you in any way we can through 2021 and beyond if your business or household is one of the many that are struggling again

To learn more, contact Premium Finance Group Australia at (07) 4720 8888 or email us at finance@pfga.com.au


Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your situation and may not be relevant to circumstances. Before taking any action, consider your particular circumstances and seek professional advice. This content is protected by copyright laws and various

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