This page will be updated regularly with the latest information and support
We understand the hardship and uncertainty around COVID-19 and its potential impact on you and your business, and we would like to keep you informed with the latest information about the much-needed financial support available so you can easily access these resources. We’re backing you to get through this difficult time.
Last updated 23 July
The JobKeeper Payment was planned to finish on 27 September 2020, but will be extended by 6 months to 28 March 2021 for eligible employers. Fortnightly wage subsidy ($1500) is legislated until September 27. However from the first week in October, two payment tiers will be introduced.
The top rate will be reduced to $1200 a fortnight, while those working less than 20 hours a week will be eligible for a $750 payment from October to December.
Between January and March those payments will again lower to $1000 for the full rate which requires 20 hours of work a week or more, and $650 for less than 20 hours a week.
Also, from 28 September 2020 all businesses and employees will be required to reassess their eligibility, and the JobKeeper Payment scheme will remain open to new participants who are eligible.
|Date||Full rate per fortnight||Less than 20 hrs worked per fortnight rate|
|28 September 2020 o 3 January 2021||$1,200||$750|
|4 January 2021 to 28 March 2021||$1,000||$650|
The JobKeeper wage subsidy allows businesses impacted by COVID-19 have access to $1,500 (before tax) fortnightly payments for each full-time or part-time staff members up to 6 months so that they can retain their employees.
To ensure the integrity and the efficient operation of the JobKeeper payment, the Government has announced the operation of some rules. Find out more information about the JobKeeper Update here.
The Australian Commissioner of Taxation has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.
Businesses are expected to receive the first payment in the first week of May 2020, however they will be backdated to 30 March 2020.
Last updated 15 July
The government is providing $20,000 to $100,000 tax-free cash flow support to eligible businesses so they can keep operating, pay their rent, electricity and other bills and retain staff. This will be done through 2 sets of cash flow boosts.
You DON’T need to apply as the payment will be automatically calculated by ATO.
The initial cash flow boosts will be delivered as credits in the activity statement system from 28th April 2020 upon employers lodging activity statements for each monthly or quarterly period from March to June 2020.
Last updated 15 July
To provide cash flow benefits for businesses, the government has been increased the instant asset write-off threshold from $30,000 to $150,000 and extended to businesses with turnover less than $500 million.
This applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used or installed ready for use in this timeframe.
Last updated 23 July
The current phase of the Scheme remains available for new loans issued by eligible lenders until 30 September 2020.
The second phase of the Scheme will start on 1 October 2020 and will be available until 30 June 2021.
To help businesses access working capital and meet their cash flow needs, the Government will provide a guarantee 50% to eligible lenders of new short-term unsecured loans to SMEs.
Early April 2020 and be available for new loans made by participating lenders until 30 September 2020.
Contact your financial institution for more information. The Government is working with banks and other lenders at the moment.
The Government is providing a temporary exemption from responsible lending obligations for 6 months for lenders providing credit to existing small business customers to access to credit faster and easier.
Reserve Bank of Australia (RBA) provides banks an access to at least $90 billion in funding at a fixed interest rate of 0.25% to reduce borrowing costs for households and businesses. A further easing in the cash rate to 0.25% to support the economy.
The Government is providing the Australian Office of Financial Management (AOFM) with $15 billion to invest in structured finance markets used by smaller lenders, including non-Authorised Deposit-Taking Institutions (non-ADIs) and smaller Authorised Deposit-Taking Institutions (ADIs).
This program will help smaller lenders who are not able to benefit from the RBA’s term funding facility, to maintain access to funding and support competition in the lending market. This in turn will help keep mortgages and other borrowing costs for businesses low.
The Australian Prudential Regulation Authority (APRA) has announced temporary changes to its expectations regarding bank capital ratios. The changes will support banks’ lending to customers, particularly if they wish to take advantage of the new facility being offered by the RBA.
Yes, Max Funding is open for business and remain fully operational to assist all Aussie businesses. Our trading hours remain the same but you may experience delays regarding the loan process as we have been receiving higher than average demand for our services. Please be patient with us as we endeavour to serve all clients to the best of our abilities.
Yes, you can. Max Funding understand great small businesses like yours are facing difficulties during these uncertain times and we know how important to provide financial support to assist small businesses stay open and keep people in jobs, we’re here to help!
We offer a range of financial assistance options to existing and new customers and we will work with you to find the best financial solution to suit your circumstances. Getting a pre-approval decision with Max Funding is fast and easy. Simply click here to start your application which takes you 3 minutes.
As a small business owner, we understand there is a lot of uncertainty around COVID-19 and its potential impact on you and your business. If you and your business have affected by COVID-19, you don't need to manage alone, we're here to help! Max Funding is committed to continue providing small business owners with the support you need. Please don’t hesitate to contact us to discuss your individual scenario and we will work with you to find the best financial solution.
To provide cash flow benefits for businesses, the government has been increased the instant asset write-off threshold from $30,000 to $150,000 and extended to businesses with turnover less than $500 million. This applies from 12 March 2020 until 30 June 2020, for new or second-hand assets first used or installed ready for use in this timeframe. For eligibility and more information, please refer to the Australian Government’s fact sheet Delivering support for business investment.
With the government has made offers to lenders who want to join in SMEs Guarantee Scheme, while more than 60% of the small business owners believe they won't be eligible for the loan, get enough amount of the money they need or get the cash on time.
Here at Max Funding, we understand great small businesses like yours are running out of cash flow, and the longer you wait, the more likely your business would be at risk. With Max Funding, the best SME Guarantee Scheme alternative, you can easily access funding as fast as 24 hrs. To get cash flow assistance, simply click here to apply today.