Stimulus package offers degree of certainty to many


stimulous package coronavirus

Many members of the LGBTIQ communities work in small business, hospitality and casual employment. Today’s stimulus package will lessen some of the economic uncertainty caused by the coronavirus pandemic.

The package will enable many small businesses to remain trading and employing people. It will also see those on Newstart at last able to survive on the previously ridiculously low payment. The relaxation of waiting periods to access Jobseeker payment will provide immense relief to people previously employed as casuals who recently lost employment.

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Announcing the package, Prime Minister Scott Morrison emphasised the coronavirus would take time to defeat.

“We cannot prevent all the many hardships, many sacrifices that we will face in the months ahead.

“And while these hardships and sacrifices may break our hearts on occasion, we must not let them break our spirit and we must not let them break our resolves as Australians.”

Welfare

This second coronavirus stimulus package sees a second payment of $750 to approximately 5 million people on 13 July. The first $750 payment to pensioners and concession cardholders will land in recipient’s bank accounts on 31 March.

In addition, the government announced a temporary doubling of the Jobseeker Payment (Newstart). The extra $550 a fortnight will also become available to sole traders and casual workers who meet income tests.

People on Jobseeker payment who earn less than $1,100 a fortnight in paid employment will receive the $550 supplement in full. The stimulus package will also see asset tests and waiting periods to access Jobseeker payments waived.

In this time of uncertainty, people can also access up to $20,000 from their superannuation. The package allows access to $10,000 in each of the 2019-20 and 2020-21 financial years.

Small business

Under the measures announced today, not-for-profits and small businesses with a turnover under $50 million will receive cash payments up to $100,000. The government will also guarantee unsecured small business loans up to $250,000.

The Government expects 690,000 businesses employing 7.8 million people and 30,0000 not-for-profits will be eligible for measures in the stimulus package.

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