In the past 48 hours, both the Federal and Northern Territory Government have released two new major stimulus packages, designed to assist businesses with keeping their staff employed, and assisting those businesses who have been forced to stop operating due to industry closures. The details for the new packages are as follows:
JobKeeper Payment - Federal
Eligibility - business has a turnover of less than $1 billion and your turnover will be reduced by more than 30% compared to this time last year
Details - affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months. This subsidy will be paid by the ATO monthly in arrears, with the first payment scheduled to be made during the first week of May 2020
How to apply for businesses with employees - initially, businesses can start to register their interest in applying for the JobKeeper payment from 30 March 2020, on the ATO’s website at www.ato.gov.au. Eligible employers that apply for the JobKeeper Payment (i.e., via an online application) will need to provide supporting information demonstrating a downturn in their business, and must report the number of eligible employees employed by the business on a monthly basis.
How to apply for sole traders - initially, businesses can start to register their interest in applying for the JobKeeper payment from 30 March 2020, on the ATO’s website at www.ato.gov.au. Businesses without employees (e.g., sole traders) will need to provide an ABN for the business, nominate an individual to receive the JobKeeper payment (yourself) and provide that individual’s Tax File Number, as well as provide a declaration on the recent business activity (presumably, to demonstrate the downturn in the business). These businesses will also need to provide a monthly update to the ATO in order to declare their continued eligibility for the JobKeeper Payment.
Small Business Survival Fund - Northern Territory
Eligibility - Northern Territory businesses who have had to shut down or cease trading as a result of Government requirements. This website https://businessrecovery.nt.gov.au/businesses/small-business-survival-fund contains a list of industries and business types that are able to claim this. If your business type is not included on this list, we would recommend that you email survivalfund@nt.gov.au and explain how your business operates and how you have been affected as a result of industry shutdowns. Someone will contact you to discuss your specific situation.
Details - This package is split into two parts; the Immediate Survival Payment and the Rapid Adaption Payment.
Immediate Survival Payment - An initial lump sum payment directed to businesses to help offset immediate cost pressures and provide time to plan.
$2000 for business with 1 FTE/sole traders
$5000 for businesses with 2 to 5 FTE employees
$20,000 for businesses with 6 to 19 FTE employees
$50,000 for businesses with more than 20 FTE employees
Rapid Adaption Payment - A payment of up to $1000 for sole traders and up to $5000 for other eligible businesses to offset costs incurred in adapting current business model to suit restrictions.
How to apply - businesses can complete an application form on business.nt.gov.au/recovery from 5pm today and will be assessed using the following criteria; that they:
are a legal entity and hold a valid Australian Business Number (ABN) as at 23 March 2020, and
are operating in the Northern Territory, and
is a Territory Enterprise, and
have a significant permanent presence in the Northern Territory, and
employ Northern Territory residents (sole traders are included), and
usually operate in one of the industry sectors affected by the social gathering restrictions announced on 22 March 2020 and 24 March 2020, and
have been directly financially affected by the social gathering restrictions.