Small businesses that have suffered asset or revenue loss due to the bushfires can now apply for cash and tax-free grants of up to $50,000 and concessional loans of up to $500,000 with no repayments due for two years.
The measures, announced by Prime Minister Scott Morrison on Monday, form part of a $2 billion bushfire recovery fund set up by the federal government to rebuild communities hit by the fires.
The package also comes in response to roundtable meetings with small business owners last week and representatives of the Australian Chamber of Commerce and Industry, of which the Print & Visual Communications Association (PVCA) is a member.
It is not clear how many print businesses there are that have been impacted by the fires but PVCA chief executive officer Andrew Macaulay is urging any that have to not waste time in applying for grants to get the necessary help to keep operating.
“Getting small business back on their feet is critical,” Prime Minister Scott Morrison said after announcing the measures on Monday.
“This comprehensive package will make it easier for those who have suffered direct fire damage, or have been indirectly economically impacted following the bushfires, to get back on their feet.”
Under the measures, eligible businesses that have suffered significant asset or revenue loss can apply for loans of up to $500,000. The loans would be for up to 10 years with no repayments due for the first two years. After this period the loan will attracted an approximate 0.6 per cent interest rate.
Top-up cash grants of up to $50,000 are also available for eligible small businesses who are feeling the pinch right now as business dries up in communities hit by fires.
“This program is uncapped and means that businesses and organisations that have sustained damage as a result of the fires can access up to $50,000 in grant funding (tax free),” Morrison said.
Tax relief is also included in the measures. The Commissioner of Taxation has agreed to provide a range of assistance measures in fire-impacted postcodes to help ease cash flow pressures.
Taxpayers in these areas now have until May 28, 2020 to lodge and pay business activity statements and income tax returns. Impacted businesses that pay their Pay-As-You-Go Instalments quarterly are also allowed to vary these instalments to zero for the December 2019 quarter and claim a refund for any instalments made in the September 2019 quarter.
For more information please visit the business help portal: https://bushfireinfo.business/
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