Helping Your Business Get through Covid-19

26th May 2020 |

Most businesses have been affected by Covid-19 and unfortunately, some severely.

The government’s stimulus measures are providing direct cash assistance to eligible businesses however these payments are scheduled to cease in October. Banks and insurers are offering temporary concessions and payment deferrals but these will eventually need to be repaid.  State governments are also providing varying levels of assistance.

CrossCorp recommends all businesses take stock of their position now and do what they can to ensure their survival throughout the months and years ahead.

A good first step is the checklist below which has been released by the Small Business Development Corporation.

  • Understand your current financial position
  • Check your eligibility for government assistance
  • Contact your bank and insurer
  • Communicate with your stakeholders
  • Seek advice on deferring tax payments
  • See if your business can still operate
  • Understand your options in relation to employees
  • Check your licensing requirements
  • Commercial leasing – talk to your landlord or call us for help
  • Consider whether you can draw on your superannuation
  • Build your networks
  • Keep informed of changes

Their advice can be found here.

We recommend that you work through the above points and contact CrossCorp if you have any questions.