COVID19: What financial assistance might you be eligible for?

COVID19: What financial assistance might you be eligible for?

By Kerri Jackson. Posted 2 April 2020. Categories: Personal Finance.

INFORMATION UPDATED 2 April, 2020

Change and uncertainty can make for stressful times, particularly when it comes to your financial situation. The important thing to remember as COVID19 makes an impact on everybody’s lives, is that you’re not alone.

If you’re worried about your job, and what that means for your ability to pay your bills, your mortgage or even buy the basics for the family, there are a range of different financial  support options announced in response to COVID19 that you may be eligible for, and may help you stay on track financially.

We’ve gathered together a list of where to go for more information and an overview of the types of assistance being offered. 

Useful websites:


State governments also have set up information pages relevant to your local area:

 

Some of the financial assistance you may be eligible for:

Individuals

  • Eligibility for some income support payments has been expanded, including those required to care for someone affected by Coronavirus as well as sole traders, contract workers, the self-employed and casual workers.

  • A new Coronavirus supplement of $550 per fortnight, to those receiving certain existing benefits; and two payments of $750 to support households receiving income support. Find out more at the Australian Government service website.

  • People affected by Coronavirus can access up to $10,000 of their superannuation in 2019/20 and another $10,000 in 2020/21. 

  • The minimum drawdown on retirees’ account-based pensions will be reduced through this financial year and next.

  • Some banks are offering customers a six month deferring of home loan payments. Contact your bank.

Small business, sole traders and contractors

  • A Government SME Guarantee Scheme will guarantee 50% of a loan to eligible small businesses (with turnover of less than $50m), No repayments would be due for six months. Contact your bank or treasury.gov.au for details. 

  • Eligible businesses may receive a tax-free cashflow boost of between $10,000 and $50,000.

The information above is intended as a guide only. For more specific details on any assistance we recommend you visit the relevant websites or seek out free financial counselling an advice. Moneysmart.gov.au and the National Debt Helpline on 1800 007 007 are good places to find free financial advice.

And remember if you are worried you may not meet a payment on a bill, let the provider or creditor know as soon as possible. In these extraordinary times are lot of companies will have plans in place to help.

Other articles you may find useful:

Planning your finances for economic change