This panel presentation addresses a broad range of topics for businesses including managing risk, maintaining liquidity and the JobKeeper Payment wage subsidy.

Webinar summary

There are a number of actions to consider when implementing a business plan. During this webinar, Todd Gammel a partner in the firm’s restructuring and risk advisory division addressed the importance of business planning and managing risk during these uncertain times. He stated business owners when planning should:

  • Understand the business’ starting position
  • Estimate the costs to continue operating
  • Consider further funding options
  • Safe harbour review of the forecast or options
  • Consider options for ongoing monitoring

Tax consulting partner, Jolyon Dare, outlined some of the key points related to the JobKeeper Payment Scheme and business cash boost. JobKeeper is the larger of the two stimulus measures. The wage subsidy covers most of the markets that have experienced a decline in turnover a result of the pandemic.

Debt advisory director, James Macfarlane, discussed what the banks are offering in the current environment, particularly for SMEs. New and existing customers can qualify for:

  • Business loans and equipment finance loans of up to $250,000 at approx 4% pa
  • Banks are reducing their variable interest rates to SMEs on overdrafts and some cash-based loans
  • Loan maturity extensions for up to six months and principal repayment deferrals for up to six months on existing loans up to $1 million
  • Merchant terminal rental fee waivers for up to three months

He also addressed options available in relation to home loans and investment loans. These include:

  • Personal customers can ask for a 3-month deferral on their home or investment loan mortgage repayments with a possible extension for a further 3 months after a review
  • Access to term deposits at 1.75% for 10-month terms
  • Accessing discounted pricing on fixed rates

For more on this topic, please go to our COVID-19 Resource Centre which contains a collection of articles and updates to help businesses during this challenging time.