The Australian Government has recently announced a $17.6 billion economic plan in helping small and medium sized businesses to stay afloat as the world deals with the significant challenges posed by the spread of the coronavirus.
The government will be providing cash flow assistance to help small and medium sized businesses to stay in business and keep their employees in jobs.
It is estimated that up to 70,000 small businesses will access the incentive to support around 117,000 apprentices.
For more information, please see Cash flow assistance for businesses.
The government pledged to significantly extend the instant asset write-off for small and medium businesses, in a bid to encourage investment.
These measures start 12 March 2020 and will support over 3.5 million businesses (over 99 per cent of businesses) employing more than 9.7 million employees or 3 in every 4 workers. The measures are designed to support business sticking with investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term.
For more information, please see Delivering support for business investment.
$1 billion to support those sectors, regions and communities that have been disproportionately affected by the economic impacts of the Coronavirus, including those heavily reliant on industries such as tourism, agriculture and education.
This will include the waiver of fees and charges for tourism businesses that operate in the Great Barrier Reef Marine Park and Commonwealth National Parks. It will also include additional assistance to help businesses identify alternative export markets or supply chains.
Targeted measures will also be developed to further promote domestic tourism. Further plans and measures to support recovery will be designed and delivered in partnership with the affected industries and communities.
For more information, please see Assistance for severely affected regions.
Around 6.5 million lower income Australians will receive a one-off $750 payment aimed at boosting domestic demand in the economy.
$4.8 billion has been allocated to provide a one-off $750 stimulus payment to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Around half of those that will benefit are pensioners.
The payment will be tax free and will not count as income for Social Security, Farm Household Allowance and Veteran payments. There will be one payment per eligible recipient. If a person qualifies for the one-off payment in multiple ways, they will only receive one payment.
Payments will be from 31 March 2020 on a progressive basis, with over 90 per cent of payments expected to be made by mid-April.
For details of which payment recipients are eligible, please see Stimulus payments to households to support growth.