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COVID-19: Government assistance to Small and Medium-Sized Businesses (SMEs)

March 25, 2020

Undeniably, COVID-19 has presented unprecedented circumstances for the global community, as well as for Australian business. 

Click here to view a summary of the Government stimulus packages announced by the Federal and NSW State Governments over the past two weeks.  This information will ensure that SMEs maximise Government and other assistance available so that businesses may survive during and well beyond the extraordinary conditions we are all faced with right now.

The Government has put these initiatives in place to:

  • Support the Australian economy throughout this crisis.
  • Keep as many businesses operating as possible and to keep people working.
  • Help the Australian economy to recover once the crisis is over.  

The summary is broken down into 3 main areas:

  1. The key points of the various stimulus packages, focusing on those aspects that are of most relevance to SMEs.
  2. How to access the package support benefits, and the accounting and tax implications.
  3. Advice on what SMEs can do now to keep business operating, as well as some actions that can be taken to future proof businesses for the new operating models that will inevitably emerge after this crisis has passed.

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