Quoted from DCFAN:Is Australia offering any kind of financial support for small businesses? The US has passed legislation but many small businesses have struggled to get accepted for the money and loans. Also, I doubt the money/loans is enough for most anyway.
Yes, although has taken time, seems to be working... commenting from personal experience as a business owner here in Australia (hospitality sector).
Affected businesses have access to jobkeeper for 6 months, the federal government reimburses monthly $1500 a fortnight per worker to keep them 'connected' to the business, but is difficult for many businesses to pay upfront, so a lot of industries haven't taken the government up on it (probably the ones that need it most sadly ... the highest takeup sector is whitecollar - accoutants, lawyers etc LOL?? .... hospitality/tourism sector is down about 5 or 6). Was not easy paying upfront initially, but seems to be working well now .... and is a huge relief for businesses and workers that can make use of it! Very impresses with this...
There is also a cashflow boost when doing quarterly/monthly activity statements (businesses need to collect GST tax here in OZ for the government). Minimum was 10K for first statement, with 2 more 5k minimums to come. Was credited instantly with any extra paid within a day or 2 .... so no complaints there
The state government announced a 10K grant for businesses that had to 'force close' too over a month ago ... still no sign of that money LOL ..... at least the federal money is flowing
Workers that have been affected can access some of their retirement (superannuation) early too (taxfree) ... 10K now and 10 in July .... again once passed by law (probably the main delay for most measures??) was paid into bank accounts within a few days in most cases (depending on the retirement fund I think .... 'for profit' funds tend to be quicker, 'industry' funds tend to be slower).
Having said that, even though our government here in Australia has tried to put a lot of emphasis on business, keeping workers connected with their employers, and the economy, there still are/will be many businesses that will be unable to survive this .... with a steep rise in unemployment to follow.
(this post is from a business stimulus perspective from here in Australia .... there are other things the Australian government is doing in regard to social security payments etc, and other areas, but haven't had personal experience with those)