Businesses welcome ’unprecedented’ support
REGIONAL employers have welcomed the Government's second stimulus package aimed at bolstering business.
The measures, unveiled by the Federal Government on Sunday, greatly increase cash on offer to small and medium business owners in an attempt to lessen the economic impact of the COVID-19 pandemic.
They include allowing sole-traders or the self-employed who have suffered a downturn as a result of the coronavirus to have access to Newstart and the newly created coronavirus supplement.
The tax-withheld wage subsidy was also raised from a $25,000 cash-refund to $100,000 in an effort to encourage businesses to keep staff employed. Eligible businesses which employ staff but do not withhold tax will also get a $20,000 payment.
Business NSW Northern Rivers Regional Manager Jane Laverty thanked the Federal Government on behalf of local businesses for its "unprecedented support".
"This will provide some comfort during these challenging times when business owners are thinking primarily about their capacity to pay their staff, their rent and their existing suppliers," Mrs Laverty said.
"Employers and their staff are looking to do the right thing - and we've been pleased to see a number of innovative measures that various businesses and their staff have put in place to ensure the viability of their enterprise.
"It's also good to see support for businesses which employ an apprentice or trainee, with wage subsidies now available. We simply cannot cut young workers adrift at this time."
Ms Laverty said the measures reinforced the view of Business NSW that business owners should have access to free financial advice - in the form of a voucher - to ensure critical financial decisions could be made with "careful considered advice".
She also called on local councils to "do their part" by waiving or deferring rates for small businesses to support them through the "economic crisis" over the next six months.
"This is also about preparing businesses for the recovery when it eventually comes - being in a position to resume as close to normal business operations as quickly as possible," she said.