A grant payout of up to $25,000 will be given to small-to-medium businesses with employees. These are for businesses that employ staff in the period between January 1 and June 30 2020.
This will automatically be paid within 14 days, based on business instalment activity or business activity statements from April 28.
How the Australian Government are Helping Tradies and Small Businesses
Additional augmentation to ensure these small-to-medium scaled businesses will survive includes the following as published in Smart Company:
Until June 30 2021, businesses with a turnover of less than $500 million will be able to deduct an additional 50% of an asset cost in the year the asset was purchased.
Both these measures start today and are expected to help 3.5 million businesses.
“The measures are designed to support business sticking with an investment they had planned, and encouraging them to bring investment forward to support economic growth over the short term,” the release says.
Keeping the Apprentices and Trainees Employed
To help ensure trainees and apprentices remain employed, the government has also pledged $1.3 billion for them. This is equivalent to $7000 per quarter as support to SMEs.
“We want to ensure that as we go through these difficult months and quarters ahead, that young people and apprentices will be able to continue,” Morrison reportedly said.
“As a result, we’ll be ensuring that we will provide a wage subsidy which will support 117,000 apprentices right across Australia.”
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