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Financial support on the way for businesses, regional workers
Support package announced today in response to the lockdown. See if you or your business are eligible for some support.
A new Business Support Package has been announced by State Treasurer Rob Lucas to support small businesses affected by the seven day lockdown.
Worth around $100 million dollars, the package will target small and medium sized businesses who are being impacted by South Australia’s lockdown.
There is also support for individuals in regional areas who live or work outside a Commonwealth declared hotspot and wouldn’t qualify for support from the Federal Government.
Murray Bridge News answers your questions below.
How does a business qualify for support?
To qualify for this support a business must meet the following criteria:
Be located within South Australia
Have an annual turnover of $75,000 or more in 2020-21 or 2019-20, and be registered for GST
Employ people in South Australia
Have an Australia-wide payroll of less than $10 million in 2019-20
Have a valid Australian Business Number (ABN)
Experienced at least a 30 per cent reduction (compared to the week prior) in turnover due to the restricted trading conditions
How much will business’ get?
Business’ will be eligible for $3000 to help cover ongoing operating costs such as rent, bills and fees that can’t be covered due to a reduction in business.
“This is an immediate lifeline for small and medium businesses that are the lifeblood of our community and underpin our economy,” said Treasurer Rob Lucas.
“The $3000 grants will provide an immediate cash injection to eligible businesses affected by the restrictions by improving cash flow and helping cover costs such as commercial rent and utility bills or supplier fees for raw materials.”
This follows a similar scheme from New South Wales and Victoria.
I’m a sole-trader or business of one. What about me?
You will be able to access a $1000 grant if you meet all of the criteria listed earlier, with the exception of employing people.
When will my business receive the financial support?
Grants are expected to open via the Treasury website within the next two weeks and will be processed as quickly as possible.
Payments will be made retrospectively based on amount of days lost.
What happens if this lockdown goes longer than seven days?
The Commonwealth Government has indicated that it will contribute to costs of further business support.
“We welcome the ongoing support of the Federal Government as we work together to get on top of the current COVID cluster,” Mr Lucas said.
Should the lockdown continue the State Government will also consider potential targeted support for individual industry sectors.
I’m a worker. Where is my support coming from?
For those people living and working in a Commonwealth-declared ‘Hotspot’, financial support will come from the Federal Government.
This provides $375 if you’ve lost 8 - 20 hours of work and $600 if you’ve lost more than 20 hours of work per week.
The State Government has announced it will provide up to $600 per week for workers in regional SA who live or work outside of these hotspots but have been affected by the lockdown.
“Our commitment will ensure South Australian workers whose hours are affected by the current lockdown will be supported, regardless of whether they work in Mitcham or Mount Gambier, Norwood or Nuriootpa, West Beach or Whyalla,” Mr Lucas said.
Like businesses, the payments will be made in coming weeks and will retroactively cover weeks of work lost.
Further information including how you can claim your support will be available here shortly.