COVID-19 Business Update – 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
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.
If you’re NOT having cash flow problems right now, that’s great, you’re one of the lucky ones. Plenty of businesses across the country are struggling with cash flow right now. There are a few ways to relieve the cash flow 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. If you need any assistance in reviewing your expenses and outgoings, please get in touch.
- Look for some innovative ways to increase sales – 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.
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 cash flow 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.
Get in touch
We are happy to chat with you about the future of your business. Please get in touch if you would like to chat.