How to get financial help during the coronavirus crisis
Millions of Victorians have had their financial livelihoods put under more economic pain. Here’s all the help available to ensure Victorians can financially survive the coming months.
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Millions of cash-strapped Victorians will be turning to further financial help as the state enters further lockdown restrictions until mid-September.
For those who have had their bottom lines decimated here’s all the help available to help many survive the coming months.
JOBKEEPER
Already 265,000 Victorian businesses and about 975,000 employees are on the Federal Government’s JobKeeper payments.
The flat payments $1500 fortnightly payments are due to be tapered back from September 28 where they will fall to a two-tiered payment system of $1200 and $750 for those who work fewer than 20 hours a week.
Treasurer Josh Frydenberg on Monday said the scheme was costing $100 million a day in Victoria and a total of $14 billion had already been injected into the troubled state.
As to whether the scaling of these payments will be different in Victoria remains to be seen.
However the Treasurer said the eligibility for JobKeeper could be changed.
“One of the issues I am looking at though is the eligibility for JobKeeper after September because what we were initially planning for is that your turnover would have to be down in two consecutive quarters, the June quarter and the September quarter,” Treasurer Frydenberg told radio presenter Neil Mitchell on 3AW on Monday.
“What we may find in Victoria is that some businesses are being hit hard in the months of July and August and arguably September but maybe did not have the sufficient reduction in turnover May and June to be eligible.”
He said the Federal Government is working through these decisions.
For more information on JobKeeper payments go to ato.gov.au.
JOBSEEKER
For those on JobSeeker (previously known as Newstart) they can access up to $565 fortnightly plus received the coronavirus supplement of $550 a fortnight until September 24.
From September 25 this $565 rate will stay but the coronavirus supplement will be cut back to $250 a fortnight (this is based on an individual with no children) through until December 31.
Means testing also kicks in this week – those on Jobseeker must do four job searches a month and that increases after September.
For more information visit servicesaustralia.gov.au.
BUSINESS SUPPORT PAYMENTS
One-off grants under the Business Support Fund - Expansion program are available - $10,000 for those in metropolitan Melbourne and Mitchell Shire and $5000 for those in regional local government areas. Applications for the program have been extended to September 14.
For more information visit business.vic.gov.au.
PAID PANDEMIC LEAVE/DISASTER PAYMENT
Prime Minister Scott Morrison said they would offer a fortnightly $1500 “disaster payment” for paid pandemic leave for Victorians.
This is available to anyone who needs to self-isolate without any other income support.
It will replace the existing paid pandemic leave for Victorians.
EARLY ACCESS TO SUPERANNUATION
Latest Australian Prudential and Regulation Authority statistics show more than 2.9 million individuals have accessed $29.4 billion in superannuation.
The average amount withdrawn is $7410.
Eligible applicants can access $10,000 tax-free this financial year and through until December 31.
The average business days to payment is 3.3 days from when the fund receives the application.
To apply visit ato.gov.au.
COVID-19 TEST ISOLATION PAYMENT
Victorian workers can apply for a $300 coronavirus (COVID-19) Test Isolation Payment to provide financial support while self-isolating and waiting for test results.
For more information go to dhhs.vic.gov.au
MORTGAGE HOLIDAYS
Most financial institutions were due to end their mortgage holiday periods by the end of September but some customers have been given an extension to this.
Cash-strapped customers may be given to the end of January to have a repayment break.
Customers should be aware interest still accrues during the repayment holiday period.
Contact your bank for assistance.
UTILITY PROVIDERS
Phone up your electricity or gas provider or telco if you need financial help.
They have designated hardships teams to help those struggling to meet their bill repayments.
Phone up sooner rather than later for help.
FREE FINANCIAL COUNSELLING
For free financial assistance contact the National Debt Helpline on 1800 007 007.
They have trained financial experts who can help those facing economic hardship.
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