Connections and links to Government and non-Government support for sole traders and small businesses in Australia during COVID-19. (Please note the data and links are valid as of 23 March 2020)

1. START HERE: Where can you seek support?
Step 1: Choose the challenge you're experiencing Paying salaries Paying rent
Step 2: Go to corresponding colour coded section for more info & links. Loans Paying Utilities
Paying suppliers Insurance
Income Paying fee's
Financial distress Assets
Mental Health Legal & Regulatory
In summary For further information and eligibility… In summary For further information and eligibility… In summary For further information and eligibility…
1.
Cash flow
Assistance (for
employers)
Employers will receive a payment equal to 100 per cent
of their salary and wages withheld (up from 50 per cent),
with the maximum payment being increased from
$25,000 to $50,000. In addition, the minimum payment
is being increased from $2,000 to $10,000.
https://treasury.gov.au/sites/default/files/2020-
03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf
1.
Deferring
business loan
repayments
Automatically deferring Better Business Loan and Asset
Finance Equipment Loan principal and interest
repayments for eligible small business customers with
total lending limits with CBA up to $5 million in April,
May and June 2020.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_deferbusloan#defer
1.
Rent
This is still unfolding at a national level. In the
meantime, depending on the state you reside in, and
your lease agreement, discussions between tenant and
landlords should begin as soon as possible. Also
investigate as a tenant if you have “business
interruption” cover or if the landlord has “loss of rent”
cover that extends to
COVID-19.
TBC
2.
Income Assistance
for Sole Traders
Income support payments to be paid at a rate of $550 per
fortnight. This supplement will be paid to both existing
and new recipients of the eligible payment categories.
These changes will apply for the next six months.
https://www.business.gov.au/Risk-management/Emergency-
management/Coronavirus-information-and-support-for-
business/Increased-and-accelerated-income-support
2.
Deferring your
home loan
repayments
CBA home loan customers requesting financial
assistance during this time will be able to defer their
repayments, with interest capitalised, for up to six
months.
https://www.commbank.com.au/latest/support-for-home-
loan-customers.html?ei=cor_deferHL
2.
Financial Hardship
A complete list with phone numbers of all Australian
Banks Financial Hardship teams.
https://www.ausbanking.org.au/wp-
content/uploads/2020/01/ABA-Financial-Hardship-Teams-
Contact-Details.pdf
3.
Temporary relief
for financially
distressed
businesses
The Government is temporarily increasing the threshold
at which creditors can issue a statutory demand on a
company and the time companies have to respond to
statutory demands they receive. The package also
includes temporary relief for directors from any personal
liability for trading while insolvent, and providing
temporary flexibility in the Corporations Act 2001 to
provide temporary and targeted relief from provisions of
the Act to deal with unforeseen events that arise as a
result of the Coronavirus health crisis.
https://treasury.gov.au/sites/default/files/2020-
03/Fact_sheet-
Providing_temporary_relief_for_financially_distressed_busine
sses.pdf
3.
Access to capital
If you're a business with less than $50 million annual
turnover, CBA offer an unsecured loan of up to
$250,000 with no establishment or account fees, and
no repayments required for six months. This links to the
Government's SME Loan Guarantee so a majority of
financial institutions offer this.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_newloan#new
3.
Energy sector
If you're unable to pay your bill on time, contact your
energy retailer to discuss options on how they can help.
Their hardship policy outlines the options available.
You may be able to delay payments or pay your bill off
in smaller amounts.
https://www.energy.gov.au/energy-sector-response-novel-
coronavirus-covid-19/information-australian-households
4.
Instant asset write
off
he Government is increasing the instant asset write-off
threshold from $30,000 to $150,000 and expanding
access to include businesses with aggregated annual
turnover of less than $500 million (up from $50 million)
until 30 June 2020.
https://treasury.gov.au/sites/default/files/2020-
03/Fact_Sheet-
Delivering_support_for_business_investment.pdf
4.
Small Business
Loans
CBA are reducing their small business loans by 1%
across all business loans. This will come into effect
from 3 April 2020. Check with your bank what they
can offer you.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_BusRates
4.
Insurance
COVID-19 was declared an insurance catastrophe from
12 March 2020 by the Insurance Council of Australia
(ICA).
If you have been affected by coronavirus (COVID-19),
ICA encourage you to contact your insurance company.
For help with the claims process, or if you are unable to
contact your insurance company, please call the Insurance
Council of Australia disaster hotline on 1800 734 621.
5.
Business
investment
Businesses with a turnover of less than $500 million will
be able to deduct 50% of the cost of an eligible asset on
installation, with existing depreciation rules applying to
the balance of the asset’s cost.
https://treasury.gov.au/sites/default/files/2020-
03/Fact_Sheet-
Delivering_support_for_business_investment.pdf
5.
Overdraft
repayments
CBA are deferring repayments on overdraft products,
for 90 days. Again, check with your bank what they
can offer you.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_BusRates
5.
Legal and
Regulatory
In light of the global outbreak of Coronavirus (COVID-
19), many businesses are confronted with questions
about the legal and regulatory implications. Allens, a
leading international law firm, has pulled together
their insights on some of the key issues affecting
businesses based in Australia, and possible solutions.
https://www.allens.com.au/insights-
news/insights/2020/03/covid-19/#top
6.
Apprentice's and
Trainees
Eligible employers can apply for a wage subsidy of
50 per cent of the apprentice’s or trainee’s wage for 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 that employs that apprentice
https://treasury.gov.au/sites/default/files/2020-
03/Fact_sheet-Cash_flow_assistance_for_businesses_0.pdf
6.
Merchant
Terminal fees
CBA are waiving merchant terminal fees for impacted
customers with CommBank merchant terminals, for
90 days. You should speak to your merchant terminal
provider and ask what they can do to help duering
these times.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_BusRates
6.
Mental Health
There is no doubt these are testing times so if you need
support please reach out. You can visit Lifeline for
specific advice on managing mental health during
COVID-19. Or contact one of the following free services
that are available 24 hours a day, seven days a week.
Lifeline: https://www.lifeline.org.au/get-
help/topics/mental-health-and-wellbeing-during-the-
coronavirus-covid-19-outbreak
Mental Health Line – 1800 011 511
Mensline - 1300 789 978
Kids Helpline - 1800 55 1800
Beyondblue - 1300 22 4636
7.
SME Loan
Guarantee
The Government will provide eligible lenders with a
guarantee for loans with the following terms:
- Maximum total size of loans of $250,000 per borrower.
- The loans will be up to three years, with an initial six
month repayment holiday.
- The loans will be in the form of unsecured finance,
meaning that borrowers will not have to provide an asset
as security for the loan.
Refer to your local lender for more details
https://business.gov.au/risk-management/emergency-
management/coronavirus-information-and-support-for-
business/coronavirus-sme-guarantee-scheme
7.
Term deposit
early redraw
fees
CBA are waiving early redraw fees on business term
deposit accounts (including Farm Management
Deposit accounts). Seek advice from your bank
depending on your siutation.
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_BusRates
8.
Early Access to
your Super - sole
traders
Sole Traders will be able to access up to $10,000 of their
superannuation in 2019-20 and a further $10,000 in
2020-21. You will be able to apply for early release of
your superannuation from mid-April 2020.
https://www.business.gov.au/Risk-management/Emergency-
management/Coronavirus-information-and-support-for-
business/Early-access-to-superannuation
8.
Temporary
Excess Products
Waiving establishment fees and excess interest on
Temporary Excess products
https://www.commbank.com.au/latest/coronavirus/business-
support.html?ei=cor_BusRates
9.
ATO Tax relief
The ATO is providing some tax relief options
Contact the ATO’s Emergency Support Infoline for businesses
on 1800 806 218 for more information or to request this help.
Additional state
and territory
support
Each state and territory is responsible for restrictions and
essential services. Keep up-to-date with the latest
information and advice in your state or territory:
https://business.gov.au/risk-management/emergency-
management/coronavirus-information-and-support-for-
business/coronavirus-state-and-territory-assistance-and-
events
Additional Support
Sole Trader and SME Business Owners
Your challenges
Where can you seek support?
National and State Government support
Major Financial Institution support
(using CommBank as example (see green section #2 for full list of Aust. banks)
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