COVID-19 Update – Government considers economic ‘hibernation’ for businesses by providing rent, mortgage and energy relief as part of a third stimulus.
Businesses and as well as ordinary Australians have some further relief coming their way once the third stimulus package is announced any day now.
Scott Morrison spoke yesterday saying that “what we will be announcing will be to seek to hibernate Australian businesses.” He will be unveiling his third stimulus package and day. The Prime Minister claims that our government’s intentions are to preserve “as much of the economy as we can” during this crisis.
Treasurer Josh Frydenberg is working with energy companies to safeguard householders and small businesses during the COVID-19 crisis. He stresses that the electricity and gas providers have an obligation to protect our fellow Australians through these hard times.
These providers as an essential service, “have an obligation to support customers through these difficult times,” Frydenberg said. “The Government is focused on working to slow the spread of the virus, while putting in place actions to limit the impact of COVID-19 on people’s lives, jobs and businesses – and industry must play their role.”
The Minister for Energy, Angus Taylor know it is imperative for the energy providers to play their part to help. Although some of the providers have taken measures to assist, this is not enough and must do more he said. “We expect them to do more to help small businesses who have gone into hibernation to avoid any energy costs….”
The federal government will also be turning to the banks to waive mortgage payments for at least the next 6 months to provide relief to those impacted by the economic shutdown.
Further announcement released by the Victorian Premier Daniel Andrews and Treasurer Tim Pallas was that more support for businesses impacted by the coronavirus, will be provided and the first tranche of the Government’s $500 million Business Support Fund grants will flow from Monday, with $10,000 grants available for over 30,000 employers who don’t pay payroll tax. There are still no clear details as to how this grant can be claimed so we will be waiting to hear more.
We will endeavour to bring news to you as soon as it comes to hand. In the meantime if you are requiring help during the crisis and not sure where to go we have dedicated a free COVID-19 Resource Page on our website to assist or Contact Us.