Programs and initiatives
The latest information on programs, services and grants to support small business is available below.
Australian Government support
Deferred business loan repayments
All Australian banks will defer loan repayments for small businesses affected by coronavirus (COVID-19) for six months.
Small businesses are encouraged to contact their banks to apply.
For more information, go to the Australian Banking Association website.
The Australian Banking Association also has information and details of the support offered by their member banks during financial difficulty.
Boosting cash flow
Small business can claim back 100% of tax withheld to a maximum of $50,000.
Between July and October 2020 you can make a second claim, making the assistance available up to $100,000.
Any organisations that don’t withhold tax, can recover a minimum payment of $10,000.
Read the cash flow assistance for businesses fact sheet on the Australian Government's Treasury website.
Temporary relief from financial distress
Threshold for when a creditor can issue a statutory demand on a company has been increased from $2000 to $20,000. The timeframe to respond to that demand is extended from 21 days to six months.
The minimum amount of debt for a creditor to initiate bankruptcy proceedings against a debtor will increase from $5,000 to $20,000 and the timeframe for response also extended to six months.
Read the temporary relief for financially distressed businesses fact sheet on the Australian Government's Treasury website.
Directors will be exempt from personal liability for trading while insolvent for six months.
Directors will still need to manage their general duties including to act in the best interest of the corporation and with due care and diligence, during these extremely trying times.
Read more on the Australian Institute of Company Directors website.
The Australian Institute of Company Directors also provide some information on getting through the coronavirus financial downturn: a guide for directors.
Supporting the flow of credit
A guarantee of 50% to small business lenders for new unsecured loans for working capital.
You can borrow up to $250,000 for up to three years with an initial six month repayment holiday.
Read the supporting the flow of credit fact sheet on the Australian Government's Treasury website.
Northern Territory Jobs Rescue and Recovery
The Northern Territory (NT) Government is delivering a Jobs Rescue and Recovery plan to help stimulate the economy and keep Territorians in jobs.
This package is the second phase of the response to the significant economic impact of coronavirus (COVID-19), and is complementary to initiatives offered by the Australian Government to all jurisdictions.
Note: Solar PV panels and solar PV install is excluded from the Home Improvement Scheme, Business Improvement Grant and Immediate Work Grant eligible works.
Inverter upgrades, batteries and other electrical work that supports energy efficiency are eligible works under these programs. Solar hot water systems are also eligible works under these programs.
Home Improvement Scheme - $30 million
The scheme will help fast track around 5,000 screwdriver-ready projects in Territory homes. This means that projects are physical improvements to land and / or buildings, and repairs and maintenance services.
Registrations for businesses to provide services open 30 March 2020. Applications for homeowners open 6 April 2020.
Find out more about the Home Improvement Scheme on the Business Recovery website.
Business Improvement Grant - $20 million
Territory businesses will be able to access a $10,000 grant, followed by an additional $10,000 grant if they contribute $10,000.
Registrations for businesses to provide services open 30 March 2020. Businesses can apply for a grant from 13 April 2020.
Find out more about the Business Improvement Grant on the Business Recovery website.
Immediate Work Grant - $5 million
Grants of up to $100,000 will help not-for-profit and community organisations to engage local businesses to do repairs, renovations and upgrades to their property and facilities.
Registrations for businesses to provide services open 30 March 2020. Grant applications open 20 April 2020.
Find out more about the Immediate Work Grant on the Business Recovery website.
Small Business Survival Fund - $50 million
The fund will deliver grants to help keep businesses alive, even when they have to shut.
An advisory board of business leaders will oversee the fund, chaired by Dick Guit.
Find out more about the Small Business Survival Fund on the Business Recovery website.
Territory Jobs Hub
Territory Jobs Hub is an online portal that will help Territory workers find a new job quickly.
The portal will also help businesses that need workers to connect with those looking for work, this includes casual and contract work.
Read more on the Territory Jobs Hub.
Support for tourism businesses
Tourism business support program with KPMG
A $200,000 grant program will provide business support to tourism operators to ensure they are able to survive the economic impacts of the coronavirus (COVID-19) pandemic.
For more information about KPMG business support, go to the Tourism NT website.
You can also find out about the Tourism Resilience Plan on the Tourism NT website.
Support for sports and arts organisations
Creative industries sector Immediate Response and Resilience program
A $2 million re-prioritised funding program will support the arts, creative and screen industry sector with a focus on artists, arts groups and not-for-profit arts organisations.
Find out more on the Department of Tourism, Sport and Culture website.
Sport and active recreation sector Immediate Response and Resilience program
A $1.3 million re-prioritised funding program will support the sport and recreation sector.
A specific coronavirus (COVID-19) working group will also be established to guide a response and recovery plan for Territory sport and active recreation, to and ensure organisations can rebound strongly from this current crisis.
For more information, go to the Department of Tourism, Sports and Culture website.
Last updated: 03 April 2020
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