JobKeeper Stimulus Package (30 March 2020)
March 30, 2020

JobKeeper Payment

Today the Federal Government released a major stimulus program aimed at businesses retaining their employees.

I’ll get to the underlying reasoning shortly, but in summary the measures are:

  • $1,500 per employee for up to six months
  • You qualify:
    • with turnover less than $1b.
    • and no Major Bank Levy in place.
  • You need to:
    • Make an application.
    • Provide supporting documentation to show a 30% downturn.
    • Report the number of eligible employees that are employed each month.
  • The employee must have been “on their books” as of March 1.
  • Self employed people get access where they can show a 30% decline in business.
  • The employee must receive a minimum of $1,500 per fortnight. Even if they earned less. Any more and the employer must cover that.
  • It will start on 30 March.

This is a huge leg up for both employees and employers and every one of you MUST look at your eligibility. We will be working through the eligibility criteria in the next 24 hours and will provide you all with the process that we will undertake to get these applications lodged.

Check out the detailed analysis tomorrow after 12 HERE

Photo by Polina Zimmerman from Pexels

So WHY?

I have no doubt that we were heading to the worst financial period of any era once this virus was controlled. Make no mistakes this was going to be a depression.

The Government knows that to climb Everest from base camp is so much easier than from below sea level. They are trying to keep people employed and connected with their employers, which means that people will spend. They cannot get anywhere near recovering the money dolled out unless people are paying taxes.

And so the stimulus that every Economist was saying was needed, was delivered. Coupled with pressure in the back rooms of the banks to get them to play ball, and some tougher measures against landlords; and there is a hope that is will all get back to some form of normal, more rapidly.

But it would be naive to think that anything is free. There will be increased taxes [JobKeeper Levy? Anyone] that will be in place for a long time to recover this investment in our economy.

But in the short term please get in contact with any one of use to get the assistance required to make the application as fast as possible.

Further reading can be found here: JOBKEEPER PAYMENT