JobKeeper Has Ended. Now What?
JobKeeper was the lifeline that supported over 1 million Australian businesses throughout the COVID-19 pandemic. With the payments ending on 28 March 2021, many businesses who have relied on JobKeeper to keep their business alive face the reality of life without this support.
If this is you and your business, you’re certainly not alone.
Unfortunately, although our case numbers are down, our doughnut days are plentiful, and our new normal is finally becoming more like our old normal, the future may not feel so hopeful for business owners who have been leaning on the support of JobKeeper.
Finding the support you need
Business owners who seek professional financial support are more likely to recover than those who don’t. If you’re still in survival or recovery mode, there is still government support available and with some help from your accountants and financial advisors (or your Future accountants or financial advisors!) it can be easier to find out what you’re eligible for and how to secure it.
The Federal Government’s new SME Recovery Loan Scheme is available to businesses who accessed JobKeeper between 4 January 2021 and 28 March 2021. The scheme aims to make it easier for lenders to lend to businesses impacted by coronavirus so that they can recover and invest for the future.
The government has also announced that there will be specific help available for businesses in the tourism and hospitality industry to secure interest-free loans. If this is you, be sure to sign up to our monthly newsletter to find out when this help rolls out.
Looking after yourself
In times like these, looking after your mental health is just as important as looking after your business health. If you’ve been relying on JobKeeper, it’s natural to be feeling stressed and anxious about the future of your business’s finances and the months to come.
If this rings true for you, it’s essential to seek help when you need it. There are free mental health services available via the My Business Health portal, which was relaunched by the Australian Small Business and Family Enterprise Ombudsman last month. If you need immediate support, call Lifeline on 13 11 14,
Beyond Blue also have helpful guides for business owners about navigating the challenges of COVID-19.
Is this the end of the road?
The unfortunate reality of JobKeeper coming to an end is that some businesses may not survive. If you feel your business is in this position, we’re here to offer professional advice to assess the best way forward.
If you’re feeling stressed about JobKeeper ending, our friendly team can equip you with the tools you need to get through. Get in touch today.