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Cash flow assistance for businesses: Fact Sheet

by Mar 22, 2020Accessing Govt Financial Support, COVID-19 Resources, Managing Cashflow

This assistance will support businesses to manage cash flow challenges and help businesses retain their employees.

These two measures are designed to support employing small and medium enterprises and to improve business confidence.

In addition, the wage subsidy for apprentices and trainees will help to ensure the continued development of the skilled workforce that employers need.

BOOSTING CASH FLOW FOR EMPLOYERS

Summary
The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ staff.

The payment will be tax free.

Download the Fact Sheet for Eligibility and Timing

SUPPORTING APPRENTICES AND TRAINEES

Summary
The Government is supporting small business to retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50 per cent of the apprentice’s or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.

Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per
quarter).

Support will also be provided to the National Apprentice Employment Network, the peak national body representing Group Training Organisations, to co-ordinate the re-employment of displaced apprentices and trainees throughout their network of host employers across Australia.

Download the Fact Sheet for eligibility, timing and case studies

Half of Australian businesses will close down within their first 5 years of operation, and more than 90% will have ceased operating within 10 years.

ABS and Small Business Association Data

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