As we emerge from the chaos caused by the last two years, business owners are now asking important questions: How do government grants work now? Can I still apply? And, what do I have to pay back?

72% of businesses had less income as a result of COVID-19

Let’s look some of the most common COVID-19 government grants – or “programs” – and break it all down. These programs are available for sole traders and small businesses across Australia. There are multiple grants available, depending on your business and personal situations.

Pandemic Leave Disaster Payment

If you or your employees have been forced to quarantine and cannot work, this program is available as financial support. It is also available if you’re caring for someone who is in quarantine or in hospital with COVID-19.

So what do you get? A $1500 payment for each 14 day isolation period.

How to apply: Get in touch with Services Australia and apply for each case, as necessary.

Currently, there’s no end date for this program.

JobMaker Hiring Credit Scheme

This program provides incentives to small businesses to hire additional young workers during this time. You’ll be getting up to $200 a week per new hire of job seekers aged between 16 and 35.

Need more details? Click here to check eligibility criteria and more, then you can apply via the Australian Taxation Office online services for business.

This program is due to end on the 6th of October, 2022.

Asset Write-Offs for Businesses

For businesses looking to write-off for tax purposes, this program helps you write-off up to $150,000 in assets. There is a maximum value threshold for the asset, but is easy to access as there is no application for it – you can simply write-off the asset during your regular yearly tax lodging.

For more information on the Asset Write-Off, click here.

You’ll get a loan that can help your business get back on track after the pandemic.

Indigenous Business Australia – COVID-19 Support

This program provides Indigenous businesses access to funding and specialist advice to help them recover from the pandemic.

The program has been co-designed with the NIAA (National Indigenous Australians Agency) in order to respond to the changes Indigenous businesses are facing.

You’ll get up to $200,000 worth of working capital and advice. If you’re an Indigenous business and have been affected by the pandemic, you can apply for the program via the Indigenous Business Australia website.

SME Recovery Loan Scheme

This program can help your business recover from the pandemic by providing a guaranteed loan. The loan value can be up to $5M, and the only eligibility criteria is that you have had a previous JobKeeper scheme in place in your business, or you were affected by floods in your Local Government Area (LGA).

You’ll get a loan that can help your business get back on track after the pandemic. You can find more information and explore participating lenders via the Treasury website.

Importantly, there are upcoming changes to eligibility criteria for this loan – namely, the removal of the above eligibility criteria, giving every small business access to this scheme.

It’s likely this criteria will change when the scheme lapses. The program is due to end 31 December 2021.

(Visited 44 times, 1 visits today)