Business Update July 2020
Download this Business Update
In this we include:
- JobKeeper Extension, what this means for businesses and employees
- Support packages for Victorian businesses
- Coronavirus SME Guarantee Scheme
- Company directors required to have an Identification Number (DIN)
On Tuesday 21 July 2020, the Government announced its plan to extend the JobKeeper Payment scheme until 28 March 2021, instead of the original completion date of 27 September 2020.
Read the 8 July update.
Victorian Government explains extended business support programs
On 10 July 2020, the Victorian Government announced a further $534 million Business Support Package for businesses impacted by the coronavirus lockdown. Included is an extended and expanded Payroll Tax deferral and a range of grants. More detail has now been released and applications for grants can now be made.
Coronavirus SME Guarantee Scheme
The Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme was introduced to encourage lenders to provide support to SMEs suffering from the impacts of the Coronavirus. The Government is guaranteeing 50% of the new loans issued by eligible lenders to SMEs and have announced further increases to the loan size and available term.
Take care and stay safe from all of us here at Hall Chadwick Melbourne.