• Angelique

PM unleashes another $66b in second stimulus package

Hi All,

The below articles will give you some detailed information regarding the second stimulus package that was announced today by the PM.

Key Points Below:

----> A key measure of the first package, the $25,000 payments for businesses with turnovers up to $50 million a year, will be hiked to a maximum payment of $100,000 per business and extended to not-for-profit charities.

Eligible businesses that pay salary and wages but are now required to withhold tax will receive a minimum payment of $20,000, up from $2000 in the first package.

----> Under the new measure, known as the Coronavirus SME Guarantee Scheme, the government and the banks will tip in $20 billion each for loans to be administered by the banks.

The loans will be interest free for the first six months, and will be for a maximum of $250,000 over three years. The government will guarantee 50 per cent of each loan.

---->The government's unprecedented stimulus package will give Australians early access to $20,000 from their superannuation if they face financial hardship due to the coronavirus pandemic.

----> A six-month coronavirus supplement of $550 a fortnight will be given to existing and new recipients of benefits including JobSeeker, Youth Allowance, Parenting Payment recipients, Farm Household Allowance recipients and Special Benefits. This change will cost the government $14.1 billion.

A $750 payment to those on social security and veteran income support from July 13 will benefit about 5 million people, of which half are pensioners.

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