Keep communicating and keep your business moving
When disaster strikes there is a natural human instinct to freeze in place. And it makes total sense — with so many things up in the air, it can be tricky to know exactly what you should do.
But, now is not the time to disappear. If you’re losing your physical presence with customers temporarily, stay connected with them through social media or email. Be reassuring and don’t forget: our human need for connection doesn’t change just because of a crisis. In fact, many will be craving this connection more than ever right now. This is an uncertain time for lots of people and an important opportunity for you to build relationships beyond transactions.
Look for new opportunities
Amplification via digital channels
Although your foot traffic may have decreased, now is the time to utilise your digital space and connect with consumers through your social platforms and email lists. We have plenty of brands looking for opportunities to connect via these channels too, so list your amplification spaces now!
List your space now.
Let's get Phygital!
We have been excited to see a number of fitness studios on our platform start streaming their workouts online. If you are able to stream your services or have some other way of taking your offline business online, we want to hear from you! We have brands looking to connect through paid Phygital sponsorship and other activations today.
Come chat with us here.
Key resources and support for your business
Over the last week the Australian Government have announced a number of stimulus and support measures that might cushion the impact your business is facing right now. Now is the time to get informed and find out what support is available to you. This situation is still changing day to day and more support will likely be announced in coming weeks, but here are a few of the current highlights:
FEDERAL GOVERNMENT SUPPORT
Cash Flow Assistance
Up to $100,000 to eligible SMEs and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. Employers will receive a payment equal to 100% of their salary and wages withheld with a maximum payment being increased from $25,000 to $50,000. In addition, the minimum payment is being increased from $2,000 to $10,000.
An additional payment is also being introduced in the July—October 2020 period. Eligible entities will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments they have received. This means that eligible entities will receive at least $20,000 up to a total of $100,000 under both payments.
See the Cash Flow Assistance Fact Sheet
For financially distressed businessA temporary increase to the threshold (from $2,000 to $20,000) at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive. In short, this makes it very hard for creditors to enforce collection for at least the next 6 months. There is also temporary relief for directors from any personal liability and targeted relief to help companies deal with unforeseen events that arise as a result of coronavirus. The ATO will tailor solutions for their circumstances, including temporary reduction of payments or deferrals, or withholding enforcement actions including Director Penalty Notices and wind-ups.
See the Financially Distressed Businesses Fact Sheet
Upping the instant asset write-off threshold
The Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
More info on Instant Asset Write Off
Making it faster and easier to borrow money
The Coronavirus SME Guarantee Scheme will see Government provide a guarantee of 50% for new unsecured loans to be used for working capital by SMEs with a turnover of up to $50 million (up to a maximum of $250,000 per borrower). The loans will be up to three years, with an initial six month repayment holiday and will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan. The Government is also providing an exemption from responsible lending obligations for lenders providing credit to existing small business customers. This exemption is for six months, and applies to any credit for business purposes, including new credit, credit limit increases and credit variations and restructures.
More info on Business Loans
STATE GOVERNMENT SUPPORT
VICTORIA
$1.7bn to assist Victorian businesses struggling amid the coronavirus pandemic
- $550 million going to 24,000 small and medium-sized enterprises with a payroll of less than $3 million as a payroll tax refund
- $500 million for hardship payments, small grants and tailored support which would be distributed in consultation with the Victorian Chamber of Commerce and Industry, the Australian Hotels Association, the Australian Industry Group and other industry representatives
- More than $600 million towards a range of measures such as the waiving of 12,500 venues' liquor licence fees due this month
More info on VIC stimulus package
New South Wales
$2.3bn package with $1.6bn for business support and jobs
- $450 million for the waiver of payroll tax for businesses with payrolls of up to $10 million for three months, saving businesses a quarter of their annual payroll tax bill in 2019-20
- $56 million to bring forward the next round of payroll tax cuts by raising the threshold limit to $1 million in 2020-21
- $80 million to waive a range of fees and charges for small businesses including bars, cafes, restaurants and tradies;
QUEENSLAND
Interest free loans and Payroll Tax Relief
- A new $500 million loan facility, interest free for the first 12 months, to help Queensland businesses retain employees and maintain their operations
- 6 months payroll tax deferral removing the need to pay or lodge payroll tax returns until 3 August 2020
- Qld Office of State Revenue (OSR) to work with business for payroll tax deferral plans
SOUTH AUSTRALIA
$350m package towards a range of measures
- Major road and hospital upgrades
- Significant tourism infrastructure
- Increased funding for the state’s Economic and Business Growth Fund to support industry sectors
WESTERN AUSTRALIA
$607m COVID-19 economic response including $114 million to support small and medium businesses.
- Businesses with a payroll between $1 million and $4 million will receive a one-off grant of $17,500 to assist them to manage the impacts of coronavirus.
- Additional payroll tax relief for small businesses with the payroll tax threshold increasing to $1 million from July 1, 2020, six months earlier than planned.
TASMANIA
$420m support package
- $20 million for the provision of interest-free loans for businesses in the hospitality, tourism, seafood and exports sectors
- Payroll tax waived for the last four months of this financial year for hospitality, tourism and seafood industry businesses, saving businesses around $7 million.
- Other SMEs who may be affected by coronavirus can apply to have their payroll tax payments waived from March to June 2020, saving them up to $9 million.
AUSTRALIAN CAPITAL TERRITORY
$137m economic survival package
- Businesses with wages of up to $10 million can defer their 2020-21 payroll tax, interest free until 1 July 2022
- Hospitality, creative arts and entertainment industries will receive a one-off, six-month waiver of payroll tax from April to September 2020
- Small business owners with electricity usage below 100 megawatts per year will see rebates of $750 automatically applied to their next electricity bill in around June or July 2020.
NORTHERN TERRITORY
$65m jobs rescue and recovery plan
- Up to $20k for business improvements (if sourced from local territory suppliers)
- $5 million to help businesses physically adjust to the "100 person" rule or to establish or upgrade their online presence
- $5 million Immediate Works Grants Package for incorporated not-for-profit and community organisations
