Stimulus Package #2
Social Security Recipients, Sole Traders and Casuals
Link to Centrelink through your MyGov (need Customer Access Number).
Need to be an Australian Citizen or Australian Resident.
Check eligibility.
First payment $750 announced 12 March 2020.
Second payment $750 (not eligible if you will receive a Coronavirus supplement).
Coronavirus Supplement
At least $550 per fortnight (payments commence from 27 April 2020 for up to six months). If you get this, you cannot get the second payment of $750.
Income support recipients eligible to receive Coronavirus supplement are:
Applicants for Jobseeker Payment (and payments progressively transitioning into JObSeeker Payment). If you suddenly earn less than gross salary $1,075 per fortnight, and register for this through Centrelink, you may get $550 per fortnight Coronavirus supplement.
Youth Allowance Jobseeker.
Parenting Payment (Partnered and Single).
Far Household Allowance.
Special Benefit.
Applicants for Jobseeker payments, Youth Allowance Jobseeker may also apply for Rent Assistance
Make initial declaration about identity, residency status, income and that they have been made redundant or had their household income reduced due to Coronavirus.
Casuals, Sole Traders and Self-employed applicants need to declare their business has been suspended or turnover is reduced significantly.
Need proof of rental arrangements, verification of relationship status.
Updated 26 March No need to supply an Employment Separation Certificate.
Cash Flow Assistance for Businesses - $20k to $100k
Need to be registered for PAYGW
Two tranches offered:
Boosting Cash Flow for Employers (automatic credit in Activity Statements from 28 April 2020).
Additional Payment (Jul-Oct 2020) equal to the first tranche.
Unsecured Loans for SMEs
Max $250k per borrower, up to three years, initial six-month repayment holiday.
Temporary Early Release of Super
Access up to $10k in FY20 and another $10k in FY21.
Must be unemployed, receiving jobseeker payments, been made redundant, reduced working hours 20% or more, or a sole trader with turnover reduction of 20% or more.
*Eligibility conditions apply