The package has been announced by the Prime Minister as business owners across the country grapple with the sudden economic reality of the global pandemic.
Transfers of up to $50,000 to eligible small and medium businesses will be available within weeks, with another $50,000 available in the new financial year.
Bank loans of up to $250,000 will also be available with a six month repayment free period.
“Business owners thank the Federal Government for this unprecedented support at a time when they need it most,” said Business NSW Regional Director Central Coast, Paula Martin.
“This will provide some comfort during these challenging times when business owners are thinking primarily about their capacity to pay their staff, their rent and their existing suppliers,” Ms Martin said.
“It also re-enforces the long prosecuted view from Business NSW that business owners need to be supplied with a voucher to receive proper financial advice during this time – otherwise they could be making critical financial decisions without careful considered advice.
“Employers and their staff are looking to do the right thing – and I’ve been pleased to see a number of innovative measures that various businesses and their staff have put in place to ensure the viability of their enterprise.
“It’s also good to see support for businesses which employ an apprentice or trainee, with wage subsidies now available. We simply cannot cut young workers adrift at this time..
“What will also need to be looked at carefully in NSW is industry specific rescue packages because different industries are being impacted at different rates.
“It is also a time for business owners to have necessary conversations with landlords about rent arrangements, as well as electricity suppliers about reduced rates or longer payment terms.
“This is also about preparing businesses for the recovery when it eventually comes – being in a position to resume as close to normal business operations as quickly as possible,” Ms Martin said.
About Business NSW - Formerly the NSW Business Chamber, Business NSW is the peak policy and advocacy body which has been representing businesses in NSW since 1826.
