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BIG income support for self-employed, sole traders

Tuesday, March 31, 2020

Late yesterday evening the government released its third and largest Coronavirus financial support package. It’s huge. And self-employed, sole traders are included.

We’ve updated our summary of the government's Coronavirus support package for self-employed people. Here’s the updated summary.

In summary, if you are self-employed and
  • Don’t employ anyone: You can receive $1,500 per fortnight.
  • Do have employee/s: You can receive $1,500 per fortnight per employee.
Your business income must have dropped by more than 30% to be eligible.

Our summary covers the main conditions and links to government information and where to apply under this JobKeeper Payment scheme.

There’s now a comprehensive Coronavirus support package in place for all self-employed small business people including:
1. Access to payments—no work
2. Access to payments—still working—no employees
3a. Where you have employees—Cash flow subsidies
3b Where you have employees—Wages top-up
4. Accessing superannuation
5. Apprenticeship subsidies
6. Deferred payments on existing loans
7. New government backed loans
8. New tax investments subsidies
9. Help if going broke
We also have links to:
10. State governments’ support—State-by-State summary included
11. Business tips during Coronavirus
12. Low-income households
13. Cancellations—Travel, events, etc—Scams
Check out our summary here with links to government documents.

In our previous news alert on 27 March we indicated some concern about the support for Australia’s 1.45 million self-employed sole traders. With the government’s JobKeeper Payment scheme in place we’d have to say that the total support package is now impressive.


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