Financial adviser and accountant Nader Gariban from Countax speaks to us about the impact coronavirus has on individuals and small businesses.
“The Government is providing up to $100,000 to eligible small and medium sized businesses and a minimum payment of $20,000,” Mr Gariban said.
Over the next six months, the Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This will be paid to both existing and new recipients of JobSeeker Payment, Youth Allowance, Parenting Payment and Special Benefit.
“For those people who have lost their jobs or were on social benefits prior to this pandemic will get a payment of $750 a fortnight from now to the end of this financial year. But for the next six months they will get $550 a fortnight.”
While there may be some industries that are more impacted by the virus – including health and aged care, education and tourism, no one can predict how many people may contract the virus, all industries will face issues.
“I don’t think this situation regarding the economy will continue for long, it’s only temporary, but for the time being the government has provided fair assistance to those who need it most,” said Mr Gariban.
