Small Business Update

Small Business Update

by Ted Sorensen
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Below is some information which may be of assistance to local businesses in Hervey Bay to support them through this time.

Unfortunately, the grant programs can’t buffer all circumstances but hopefully will help many survive through difficult times.

The $17.6b Federal Government Stimulus package has some positive initiatives, including:

*   an increase in the instant asset write-off threshold;
*   accelerated depreciation;
*   cashflow boost for small business that employ staff; and subsidy for apprenticeship wages.
For details on the specifics and how to apply, go to:
https://www.pm.gov.au/media/economic-stimulus-package
The State Government has also announced a series of measures, including concessional loans of up to $250,000 to help retain staff which will be administered by the Queensland Rural and Industry Development Authority http://www.qrida.qld.gov.au/homepage

A summary of information is available here:
http://statements.qld.gov.au/Statement/2020/3/17/palaszczuk-government-offers-500m-in-loans-to-support-workers-in-businesses-affected-by-coronavirus
The State LNP supports any initiatives which will help businesses, particularly to keep people employed. We do believe more can be done and that’s why we have announced a series of measures we are urging the State Government to adopt:
The State LNP under Leader Deb Frecklington are calling for:

*   a payroll tax cut for the next six months, not just a deferral
*   $500m injection into road maintenance projects to stimulate local economies; and
*   Faster payment turnaround times by State Government to small business contractors to support better cashflow and local jobs. Currently government terms are up to 30 days but we believe the 20 day payment terms would help put cash back into businesses and jobs quicker.
https://www.deb2020.com.au/lnps-plan-to-protect-queensland-jobs-during-health-crisis/
There will be more measures we expect to be announced by Governments in weeks ahead and we welcome all feedback from business about what will help them through these tough times.

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