Covid have you cooling your heels?

How to access Government financial support for small businesses

More than two years into the pandemic, uncertainty continues to cast a shadow over much of Australia’s food and hospitality sectors. Even if things are beginning to pick back up for your business, there are several important support options and payments from both Federal and State Governments that may be available to help you (and your staff) secure your recovery in the mid to long-term.

We outline some of the more popular support options below. But, please note, some of these are only available until 30 June 2022 – so don’t delay in finding out if you’re eligible!

Pandemic Leave Disaster Payment

Provides your employees with a lump sum payment if they can’t work or earn an income because they have to self-isolate, quarantine or care for someone with Covid-19.

Get the details here

SME Recovery Loan Scheme

Provides small and medium-sized businesses with guaranteed loans of up to $5 million to help them recover from the impacts of the pandemic. If you have a turnover of under $250 million, you may qualify. But hurry, it’s only available until 30 June 2022.

Get the details here

Instant Asset Write-Off Scheme

This popular Federal Government initiative was extended back in 2020 and is still available to small business owners. It’s a highly effective way to offset the cost of new equipment for your kitchen or restaurant – such as refrigerators and freezers – and offers an immediate write-off of up to $150,000 for new business assets.

Get the details here

Bank Covid-19 Relief Program

Under a special arrangement approved by the Australian Competition & Consumer Commission (ACCC), this package is available to small businesses impacted by current or recent lockdowns. It may allow you to defer loan repayments or have certain bank fees waived. Small businesses are encouraged to contact their bank to discuss their options.

Get the details here

Which options are right for you?

These are just some of the support options currently available. It’s also important to note the rules vary in different parts of Australia, and they’re changing all the time. So be sure to do your homework. After all, you could be entitled to financial support that may make all the difference in 2022 and beyond.

Use this link to explore the different Covid-19 options available in your state or territory.