Boosting Cash Flow for Employers
Boosting cash flow for employers
- Small and medium-sized business entities with aggregated annual turnover under $50 million and that employ workers are eligible. NFPs, including charities, with aggregated annual turnover under $50 million and that employ workers will now also be eligible. This will support employment at a time where NFPs are facing increasing demand for services.
- Under the enhanced scheme, employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000. In addition, the minimum payment is being increased from $2,000 to $10,000.
- An additional payment is also being introduced in the July – October 2020 period. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments they have received (from the initial Stimulus Package). This means that eligible entities will receive at least $20,000 up to a total of $100,000 under both payments.
If your ability to work or your business operations have been affected by the virus outbreak, here’s a snapshot of how some major banks could help ease the financial burden. We’ve also found the best way to contact your bank and get the ball rolling for those doing it tough.