The Queensland Government has announced a range of initiatives to support businesses affected by COVID-19. Over $3 billion has been committed to help support businesses of all sizes withstand the economic impacts of the pandemic and support jobs.
Immediate payroll tax refunds will be provided for COVID-19 affected businesses. Eligible businesses can also apply for deferral until the end of 2020 and a payroll tax holiday for three months.
The Industry Support Package will assist large businesses through this period to ensure they will be able to scale up and service the community when economic activity improves. The package will be focused to support businesses:
Sole traders, small and medium businesses will get a $500 rebate on their power bill. Any business consuming less than 100,000 kilowatt hours will receive the rebate, which will be automatically applied on business electricity bills.
Up to $500 million will be spent to assist workers who lose their job or income with retraining, job-matching and other help to transition into jobs in the industries that are vital to get Queensland through this crisis – such as health care, agriculture, food production, transport, cleaning and mining. This support will have a strong focus on online training to help workers and small businesses make that transition. Businesses that need access to skilled labour to meet demand will also receive assistance under this initiative.
A loan facility of at least $500 million, interest free for the first 12 months, is being created to support Queensland businesses impacted by COVID-19 to retain employees and maintain operations. The concessional loan facility comprises low interest loans of up to $250,000 for carry on finance with an initial 12-month interest free period for businesses to retain staff. Any eligible business can apply for a loan.
The Queensland Government is supporting Queensland manufacturers and businesses with resilience and recovery strategies so you can continue to operate and mitigate the impacts of COVID-19. These measures include: