Important info for business owner dealing with Coronavirus
This cashflow forecast will be your most important tool right now, you must be able to predict your cashflow for the next 26 weeks.
This virus will affect us all in one way or another – so the best thing you can do is prepare for that!
Once you have prepared your weekly cashflow forecast – you can use it as a guide to get you through the next 30/60/90 days.
There are many initiatives that the government are taking to assist small businesses during this time – it’s hard to know what is applicable to you and what isn’t – we found this page to be very direct and helpful, the page has a range of fact sheets that give specific information on what assistance will be granted during the pandemic.
If you are in a position where you need to borrow money for cashflow purposes, then the government has implemented the SME Guarantee Scheme, this page explains the terms and conditions in which you can borrow and how much you can borrow up to. It also discusses how long you have to pay this back and when you need to begin paying this back.
This assistance will support businesses to manage cashflow challenges and help businesses retain their employees.
This measure is designed to support small and medium sized businesses and to improve business confidence.
This measure also supports the activities of not-for-profits (including charities) at a time when they are facing increased demand for services.
The economic impacts of the Coronavirus and health measures to prevent its
spread could see many otherwise profitable and viable businesses temporarily face financial distress.
It is important that these businesses have a safety net to make sure that when the crisis has passed they can resume normal business operations.
One element of that safety net is to lessen the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business.
The two business investment measures in this package are designed to assist Australian businesses and economic growth in the short-term, and encourage a stronger economic recovery following the Coronavirus outbreak.
These measures will support over 3.5 million businesses (over 99 per cent of businesses) with aggregated annual turnover of less than $500 million
employing more than 9.7 million employees.
From the Australian Tax Office
Correct as at 24 April 2020
Are you elibible for Job Keeper? The ATO describes the turnover test, which determines if you qualify.
Generally businesses will use the basic test, which is based on GST turnover. Where appropriate turnover comparison periods are not available (for example, where your business has been operating for less than a year) we may make an alternative test available.
Correct as at 31 March 2020
If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees.
Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months. This assistance will help you keep staff and will help you restart when the crisis is over.
Correct as at 15 April 2020
You need to pay your eligible employees at least the minimum amount of $1,500, even if you re-hire them or they earn less than this per fortnight. You cannot pay your employees less than $1,500 per fortnight and keep the difference.
You will not be eligible for the JobKeeper payment if you pay your nominated employee less than $1,500 per fortnight.
The FAQ And Resource Hub discusses a whole range of relevant points circulating what actions employers should be taking in different circumstances, what this means for payroll, FAQ, and the continuation of employees. There is also a “Tools for Employers” section which has different downloadable documents on processes that should be implemented throughout the crisis.
The Grant Thornton Resilience Wheel is a framework designed to help you have ‘initial’ high level ‘supportive’ conversations within your boardroom as a result of stressed/distressed operating conditions.
There has been multiple changes made in relation to the functions available for businesses on Google My Business.
This page lists all of the changes made and what new features are now available on Google My business.
Check out the features and see what you can do to optimise your business given the current circumstances.