Coronavirus stimulus key dates: When you’ll get your payment
The government is handing out a record pile of cash to soften the economic blow of the COVID-19 pandemic. Here’s all the details you need.
The Federal Government has unveiled a raft of measures to help Aussies businesses keep the lights on and keep workers in jobs as the coronavirus pandemic escalates.
So far, the government has announced two separate $750 payments for struggling households, a $1500-a-fortnight JobKeeper wage subsidy and a range of other policies designed to help small to medium businesses.
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Confused? You’re not alone.
But here’s all the key dates you need to know about.
FIRST $750 PAYMENT
Around 6.5 million Australians will receive one $750 Economic Support Payment which was revealed under the government’s first, $17.6 billion coronavirus stimulus package back in mid-March.
That cash began to be paid directly into accounts registered with Services Australia from March 31.
However, the payments will be made over several weeks, with most paid out by April 17.
That payment is earmarked for Aussies who receive a range of government benefits.
It includes those on the Age Pension, Disability Support Pension, Carer Payment, Carer Allowance, Parenting Payment, Wife Pension, Widow B Pension, ABSTUDY (Living Allowance), Austudy, Bereavement Allowance, Newstart Allowance, Jobseeker Payment, Youth Allowance, Partner Allowance, Sickness Allowance, Special Benefit, Widow Allowance, Farm Household Allowance, Family Tax Benefit A, Family Tax Benefit B and Double Orphan Pension.
You will also receive the payment if you have a Pensioner Concession Card, Commonwealth Seniors Health Card or Veteran Gold Card or if you get the Department of Veterans’ Affairs Veteran Service Pension, Veteran Income Support Supplement, Veteran Compensation payments, including lump sum payments or War Widow(er) Pension.
Click here for more information.
SECOND $750 PAYMENT
Millions of Australians may also get a second $750 Economic Support Payment, which the Government will begin paying from July 13.
You may get it if you were eligible on July 10 for any payments or concession cards that were eligible for the first Economic Support Payment.
Again, it will be paid automatically into your account registered with Services Australia.
Click here for more information.
$1500 JOBKEEPER SUBSIDY
Under the government’s $130 billion JobKeeper package, eligible businesses impacted by the coronavirus will be able to access a wage subsidy from the government to allow them to keep paying workers.
Affected employers will be able to claim a fortnightly payment of $1500 per eligible employee from March 30, for a maximum of six months.
Eligible workers won’t have to do anything to claim it, as it will be automatically paid by their employer.
Click here for more information.
CORONAVIRUS SUPPLEMENT
The Government will also provide a six-month, temporary “Coronavirus Supplement” payment of an extra $550 per fortnight to new and existing eligible income support recipients.
Those include people the JobSeeker Payment (formerly known as Newstart Allowance), Youth Allowance, Sickness Allowance, ABSTUDY (Living Allowance), Austudy, Parenting Payment, Partner Allowance, Widow Allowance, Farm Household Allowance and Special Benefit.
Eligible recipients will receive the Coronavirus Supplement from April 27 along with their usual payment.
The taxable payment will automatically be paid to eligible people, which means you won’t need to do a thing to claim it.
DEEMING RATES
The government is also reducing social security deeming rates by a further 0.25 per cent on top of deeming rate changes made during the first package.
From May 1, the lower deeming rate will be 0.25 per cent and the upper deeming rate will be 2.25 per cent.
The change will benefit around 900,000 income support recipients, including age pensioners.
Click here for more information.
SUPERANNUATION
Individuals struggling as a result of the COVID-19 outbreak will also be able to access some of their super early.
Eligible Aussies will be able to access up to $10,000 in 2019-20, and a further $10,000 in 2020-21.
To take advantage of the offer, you will need to apply online through myGov before July 1.
You won’t need to pay tax on released super, and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
SUPPORT FOR BUSINESS
The government is providing up to $100,000 to eligible small and medium sized businesses and not‑for-profits – including charities – that employ people, with a minimum payment of $20,000.
The purpose of this payment is to boost cashflow and allow organisations to keep the lights on – and keep employees on the books.
Under the scheme, which builds upon the first stimulus package, employers will receive a payment equal to 100 per cent of their salary and wages withheld (up from 50 per cent), with the maximum payment being increased from $25,000 to $50,000.
In addition, the minimum payment is being increased from $2000 to $10,000. The payment will be available from April 28.
And from July 28, eligible businesses will receive an additional payment equal to the total of all of the Boosting Cash Flow for Employers payments received.
Originally published as Coronavirus stimulus key dates: When you’ll get your payment
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