kpmg INSIGHTS: Funding and cash flow programs available to assist private, mid-market and family businesses affected by the economic impacts of COVID-19.

Key takeaways:

  • Federal and state governments have released a number of funding and cash flow programs to assist private, mid-market and family businesses.
  • Common criteria for applying for one of these programs includes that the applicant usually be a small to medium enterprise (SME) employing less than a threshold number of employees; and have aggregated turnover under, for example, $50 million.
  • Some of these programs have a strict application deadline.
  • Below is a detailed list of cash flow and funding programs that have been made available at time of writing.

 

The current COVID-19 pandemic has caused serious impact on our people, our communities and our businesses – here and around the world. Federal and state government responses to the economic and social impact of the pandemic include immediate relief payments and concessions for individuals and businesses.

We have compiled a guide detailing current funding and cash flow programs that are available to your business if it’s being affected by the economic impacts of COVID-19.

In a very broad sense, common criteria you should be aware of when applying for one of these programs include: that the applicant usually be a small to medium enterprise (SME) employing less than a threshold number of employees; and have aggregated turnover under, for example, $50 million. Please note each one of these assistance programs will involve unique eligibility requirements and, if you are applying for one, care must be taken to ensure that the criteria is satisfied. Some of these financial assistance options are through cash grants, others are offered as a credit delivered through the Australian Taxation Office (ATO). For more specific eligibility criteria and detail on existing COVID-19 grants, please refer to the table below.

 

CLICK HERE TO VIEW THE COVID-19 GOVERNMENT ASSISTANCE PROGRAMS AT A GLANCE