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Small Businesses Dealing with COVID-19

04/04/2020by Brad Ferris
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Economic uncertainty and turmoil can be termed as the most predominant impact of Covid-19. As a result of these changes, businesses have continued to see fluctuations day in and out, and it is something that is going to deeply impact smaller businesses. Therefore, economic packages have been designed to ensure that small businesses are able to survive this pandemic, and manage to emerge as stronger contenders.

The new $66.1 billion economic plan can be seen as measures directed towards facilitating businesses, so that they’re able to maintain their standing, and help retaining employment unless situation gets settled down. The government has therefore, to date, allocated an amount of $189 billion to the economic stimulus, to counter the destruction caused by the Covid-19 Pandemic. This also includes the two stimulus package, a $90 debt facility from the Reserve Bank of Australia, and a $15 billion facility for non-bank lenders.

Therefore, the economic policies targeted towards supporting small businesses are mainly in the light of grants, which can help them stay afloat. These grants can be used for a multiple purpose, which ensures that business are able to get the breathing space they require, since the threshold limit has not been increased to $100,000.

They have also started providing access to credit, by tying up with RBA and Federal Bank Funding. The SME guarantee scheme also exists to play its pivotal role in this aspect. Additional government policies in this regard include income support, and financial policies targeted towards increasing investment.

Brad Ferris

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Copyright by OutThink Australia Pty Ltd. All rights reserved.

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