Second Government Stimulus Package - Key Points For Business & Investors
22 March 2020
Federal Government announced a second economic stimulus package at 11am on Sunday totalling an estimated $66B that is designed to combat the economic damage caused by COVID19 pandemic. This brings the combined stimulus packages to $189B so far.
The key points for business and investors were:
- Small business (less than $50M aggregated turnover) who employ workers will be eligible for between $20,000 and $100,000 credit to their activity statement accounts from 28 April upon lodgement of the eligible activity statements. These payments will be tax free and will also be made available to not-for-profits.
Under the scheme employers will receive a payment of 100% of their salary and wages withheld (up from 50% previously announced) with a minimum of $10,000 to a maximum of $50,000 to 30 Jun 2020.
An additional payment on the same basis will then apply for the July-October 2020 period. Bringing the total to between $20,000 and $100,000 over the entire period.