T: +61-7-3221 5677 - Enquiries: enquiries@walshs.com.au - Mortgage Broking: lending@walshs.com.au

Walshs

The Government’s latest COVID-19 initiatives explained

One of Queensland’s leading financial planning, accounting and lending firms for medical and private clients. Providing accounting, mortgage broking and strategic financial planning advice.

T: 61-7-3221 5677
Email: enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK A MEETING

Walshs Insights

The Government’s latest COVID-19 initiatives explained
Friday, 24 July 2020 / Published in Uncategorized, Walshs Blog

The Government’s latest COVID-19 initiatives explained

By Michael Walsh, CEO Walshs

The Federal Treasurer has announced a significant deficit of $85.8 billion for 2019-2020 and an estimated $184.5 billion deficit for 2020-2021, so Australians (especially businesses) are facing some challenging headwinds over the next few years.

We are here to assist with cashflow forecasting and budgeting, applying for loans and grants, managing tax obligations and liaising with the ATO regarding tax debts. Just email or call us for assistance.

New Government incentives 

  • Extension of temporary early access to superannuation:

Individuals who are still financially impacted by the COVID-19 pandemic will have more time to apply for the early release of up to $10,000 of their superannuation, with the early access application for the 2020-2021 period now extended from 24 September, 2020 to 31 December, 2020.

  • Extension of the COVID-19 SME Guarantee Loan Scheme:

The government is extending the scheme to loans written until 30 June, 2021 (initially available to 30 September 2020) and making amendments to the scheme to ensure that the loans available suit the evolving needs of SMEs.

The loan scheme provides SMEs access to finance  to help them through the impact of the virus. The Federal Government is guaranteeing 50% of new loans issued by eligible lender and asset security by the borrower is limited.

The Government-backed guarantee loans are available on the following terms:

– Available to SMES (including sole traders) with a turnover of up to $50 million.

– Maximum loan per borrower as from 1 October, 2020, up to $1.0 million.

– Applications prior up to 30 September, 2020, loan amount limited to $250,000.

– Loans can be used for working capital, support investment in a period pf economic recovery.

– Loans from 1 October, 2020, can be up to five years. Loan applications up to 30 September, 2020, are for three years. In each case a six-month repayment holiday will be at the discretion of the lender.

– The Government is encouraging lenders to provide facilities to SMEs that only have to be drawn if needed by the SME. This will mean that the SME would only incur interest on the amount drawn down.

  • JobKeeper Payment Scheme:

JobKeeper 2 will commence on 24 September, 2020, with the ATO to announce more details on the implementation over the next few weeks. We will keep clients updated.

If you want further information on the Government’s latest COVID-19 initiatives, contact Walshs on 07 32215677 or email your usual team member.

  • Tweet

What you can read next

The Government’s latest COVID-19 initiatives explained
Navigating the best home loans for doctors – updated for 2024
The Government’s latest COVID-19 initiatives explained
Court decisions uncover payroll tax risks for medical practices
The Government’s latest COVID-19 initiatives explained
Electric Cars and FBT Exemption

Recent Posts

  • Brisbane home with map showing Brisbane location

    Where should you invest in Brisbane? Top property insights for smart buyers

    At Walshs, we’re all about helping you make sma...
  • Australian Orthopaedic Association regional Alliance Partnership with Walshs in Queensland Announcement

    Walshs is Proud to Support AOA Queensland as a Regional Alliance Partner

    Walshs has strengthened ties with the Australia...
  • 2 women and a man in a blue suit in a tax meeting - they are happy and smiling

    Maximise, strategise, save! Tax Planning that pays in 2025

    Gone are the days of setting a tax strategy at ...
  • Accounting for Doctors

    Accounting for doctors in 2025 and beyond

    Accounting for doctors in 2025 has evolved far ...
  • Australian Man voting

    Election 2025: What the LNP, Labor and Greens have planned for your wallet

    (UPDATED 28 April 2025) As the Australian feder...

Contact

  • PHONE: 61-7-3221 5677
  • FACSIMILE: 61-7-3221 5744
  • EMAIL: enquiries@walshs.com.au
  • MORTGAGE BROKING: lending@walshs.com.au

Location

  • OFFICE: Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS: GPO Box 12, Brisbane QLD 4001
The Government’s latest COVID-19 initiatives explained

Connect with us

MAKE AN ENQUIRY OR BOOK A MEETING HERE
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
The Government’s latest COVID-19 initiatives explained
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119

Liability limited by a scheme approved under Professional Standards Legislation.
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
lending-15-min-ph

If the time you would like is not available, please contact our office on 07 3221 5677.

Make a booking with Darole Evans

If the time you would like is not available, please contact our office on 07 3221 5677.

GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Book 15 minute lending call

If the time you would like is not available, please contact our office on<br>07 3221 5677.