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Small business owners are in limbo as financial support stops flowing but trading restrictions remain in place

Federal government to cut COVID-19 support payments Source: Yvone Canoy/ Will Mahusay

Financial support for people and businesses financially affected by the COVID-19 pandemic will be wound back and tapered off as vaccination rates increase

Density limits for businesses and caps on gatherings will leave many businesses unable to trade for months after the federal government financial lifeline is cut off in November.

Salon owner, Yvonne Canoy was able to secure support payments from the Victorian government to keep his business alive but needs targeted support, that takes into account a slower rate of recovery. 

"We have employees, bills and rent to pay. We will need financial support until we are able to operate in a meaningful capacity."


 

Highlights

  • The federal government will begin winding down the payments as each state and territory hits the 70 per cent and 80 per cent target vaccination rates for their populations aged 16 and over.
  • NSW government will continue to fund its 50% contribution to JobSaver payments 
  • Many businesses would no longer need to access the program once the state began reopening on October 11 after reaching its first vaccination target, but ongoing restrictions meant others would continue to need support.

 

Will Mahusay of Sydney Cebu Lechon restaurant in Sydney is grateful to the government's effort of helping small business owners like himself. He understands that the state cannot keep these schemes going on indefinitely however, winding down the payments at this stage with consumer confidence so low, and without government help, will leave many industries in tatters.

"This year, we received their top tier funding and that was a very big blessing to allow us to sustain and operate even of below breakeven"

"If they are going to remove the payment, maybe do it gradually."

The NSW and federal governments have a 50/50 cost-sharing arrangement for JobSaver, which is administered by NSW.

After NSW reaches the 80% double vaccination target, the micro-business grant will continue to be available at a rate of $750 a fortnight, before ceasing on 30 November.

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