Victorian businesses forced to repay $3.1 million in state government grants, after administrative error

SmartCompany, February 8, 2021 Source: Unsplash/Kyle Ryan. Hundreds of small businesses in Victoria have been asked to pay back coronavirus cash grants due to an administrative error made by the state government. The cash grants were given to thousands of hospitality businesses affected by the state’s prolonged lockdown as part of the $251 million Licenced Hospitality Venue Fund. As first …

A first outside the US: American Express launches unsecured business loans for Aussie SMEs

SmartCompany, February 9, 2021 American Express will leverage its global brand to offer small businesses unsecured loans, in a first for the company outside of the United States. The launch of American Express’ business loans will offer unsecured capital of between $5,000 and $250,000 to SMEs in Australia on annual interest rates starting at 10.95%. Martin Seward, American Express Australia’s …

Federal government considers turning JobKeeper into HECS-style loans for virus-hit businesses

SmartCompany, February 5, 2021 Australian small business ombudsman Kate Carnell. Source: AAP Image/Mick Tsikas. Small businesses could soon access revenue-contingent loans, following the federal government’s consideration of a new loan scheme where repayments are based on turnover. The Treasury is considering the progressive loan scheme as part of a post-JobKeeper support package for businesses still suffering from coronavirus restrictions, The …

More SMEs could be eligible for JobKeeper and cash flow payments following ATO appeal and IGoT review

SmartCompany, January 22, 2021 ATO commissioner of taxation Chris Jordan. Source: AAP Image/Mick Tsikas. More small and medium businesses could become eligible for both JobKeeper and the federal government’s ‘cash flow boost’ payments, depending on the outcome of an appeal being pursued by the Australian Taxation Office in the Federal Court and a review conducted by the Inspector-General of Taxation …

Coronavirus: JobKeeper extension rejected by Josh Frydenberg

Treasurer Josh Frydenberg. Picture: David Croslin The Australian, January 21, 2021 Josh Frydenberg has rejected the hospitality industry’s plan to ­extend JobKeeper payments ­beyond March, as the Treasurer and Scott Morrison warn the private sector must prepare for the $90bn wage subsidy scheme to end. In a letter sent on Thursday to Restaurant and Catering chief executive Wes Lambert, Mr …

Survey reveals which government agencies pay small business suppliers on time

SmartCompany, January 19, 2021 Source: Pexels/Oleg Magni. Federal government agencies are getting better at paying their suppliers on time, according to survey results released by the Department of Industry, Science, Energy and Resources on Monday. The Pay On-Time Survey found that for 2019-20, agencies paid a record 90.6% of invoices for low-value (less than $1 million) contracts within 20 days. …

MasterCard survey reveals how SMEs raced online as Covid hit

Alice McMullin at her Marrickville workshop. Picture: Nikki Short The Australian, January 17, 2021 Australian governments and health departments moved fast to respond to the COVID-19 crisis, but so did the nation’s small businesses, with one in five small to medium sized businesses expanding their digital operations within one day of exploring the option. A survey of more than 800 …

Small retailers count the cost of high buy now, pay later fees

On Monday Afterpay will be officially welcomed into the top 20 listed companies in Australia, and is now worth over $30bn. Picture: AAPThe Australian, December 20, 2020 It’s a short-odds bet that in 2021, the regulatory noose will tighten around the buy now, pay later sector. These businesses are just moving too darn fast. On Monday Afterpay will be officially …