Weekly Digest – 27 May 2020
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update.
JobKeeper Key Dates
The Jobkeeper Monthly declaration for May (Step 3) is open Monday 1 June so get your actual May revenue figures ready, your June projections and details to lodge fortnight 03 and 04 to ensure your payment can be processed as fast as possible.
The ATO’s website has a list of key dates also relevant to JobKeeper which you might find handy. Not-for-profits and charities can find some JobKeeper information here also. The deadline for April and May eligibility registration is 6pm 31 May.
If you are still wondering if you are eligible, or what schemes apply to you and your business, get in touch with us and we can arrange a chat.
NSW Small business support grant
If you are eligible for the NSW small business support grant of $10,000, applications close 1 June so jump online to https://www.service.nsw.gov.au/ and ensure you have registered and completed the process.
If you require anything from us please get in touch.
If you’re not having cashflow problems right now, that’s great, you’re one of the lucky ones. Plenty of businesses across the country are struggling with cashflow right now. There are a few ways to relieve the cashflow pressure from finance through to restructuring options. Don’t stick your head in the sand – we can help.
Here are some options that might be suitable for your business:
- Borrow money – Businesses can access finance quite quickly through the Government’s SME Guarantee Scheme. Under this scheme the Government will guarantee 50% of new loans issued by eligible lenders. Chat to us to find out if this is the best way forward for your business. In addition to lending options, most states are offering business grants which could be worthwhile for you to investigate.
- Restructure expenses and commitments – You can implement various measures to restructure your expenses and financial commitments. There are a range of programs aimed at providing temporary relief to debtors affected by COVID-19. We can help you work out your existing debt with your banks and creditors to improve your cashflow, so please get in touch.
- Sell more – Consider new sales possibilities, expand your market, refine your marketing strategy– it may be difficult to increase your sales right now, but we’re sure you’re doing all you can. We can help you get your plan together for the next few months of business.
Earlier this week Scott Morrison outlined some preliminary steps in a “JobMaker” plan. The PM’s main point in his address this week was that opening up the economy is much harder than closing it down, and recovery could take years.
While we have no details of the JobMaker plan yet, the goal is to get Australian businesses out of crisis. The focus will be on industrial relations reform as well as improving the skills and training sector. We’ll keep you updated as more details are announced.
Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes, but please feel free to get in touch to discuss what these schemes mean for your business.