Amid the concerning and developing pandemic situation, Illawarra businesses will take some comfort from the second Commonwealth stimulus package announced today.
The Illawarra Business Chamber has welcomed the announcement, which includes the following key measures:
- A wage subsidy of up to $100,000 to support businesses to retaining staff, which will be available in the form of two transfers. One of up to $50,000 to eligible small and medium businesses which will be available within weeks, with another $50,000 available in the new financial year. Eligibility criteria includes a maximum turnover of $50 million.
- Bank loans of up to $250,000 which also be available with a six month repayment free period.
“These additional measures now contain vital provisions to support small businesses and sole traders who had missed out on previous state and federal stimulus measures, which was a concern we raised last week,” said Adam Zarth, Executive Director of the Illawarra Business Chamber.
“It’s clear the government is preparing the economy for a lengthy period of hardship and doing what it can to keep the wolf from the door of small businesses.”
“I now view it as vital that alongside the support provided by government and banks, now councils, utilities and commercial landlords must step up and examine how they too can ease conditions for small businesses.”
“I highly recommend that Illawarra businesses should speak to a local accountant sooner rather than later, and governments should be considering our proposal to fund $500 vouchers to facilitate this.”
“We want to hear from businesses who are experiencing difficulties accessing these measures, as the implementation of these is just as important as the worthy intentions behind them,” said Mr Zarth.
Media contact – Adam Zarth (0404 146 829)