Small businesses will be given up to $100,000 to keep their staff employed during the coronavirus crisis, and have their loans guaranteed by the Commonwealth, as part of the Morrison Government's second economic stimulus package.
Key points:
* Eligible not-for-profits and small businesses will receive a tax-free, cash payment of between $20,000 and $100,000
* The Commonwealth is offering to guarantee unsecured loans of up to $250,000
* Labor has repeated its calls for a permanent increase in the Newstart Allowance to help Australians who have lost their jobs
Prime Minister Scott Morrison is set to unveil $66 billion worth of measures today, including relief for retirees and a new wage or "safety net" for workers who lose their jobs.
"There is a lot of pain coming but we're going to cushion the blow as best we can," Mr Morrison said.
Not-for-profits and small businesses will receive a tax-free, cash payment of up to $100,000, with a minimum payment of $20,000 for eligible companies.
The payments will be delivered by the Tax Office as a credit on activity statements from late April.
The financial impact is so severe and uncertain that this second package is unlikely to be the last.
On Saturday, Shadow Health Minister Chris Bowen repeated Labor's calls for a permanent increase in the Newstart Allowance, or unemployment benefit, to help Australians who find themselves without a job.
"It's similar to the health challenge facing the country; if in doubt, do more," he said.
"And we have said consistently what the Government's done so far, in health and in the economy is good, but not good enough." What the experts are saying about coronavirus:
{In NSW 40% of parents have been keeping their children at home. All parents are encouraged to do the same. From the end of the school day tomorrow NSW schools will hold one class for children who may be there]
Market Data 
Markets 
AI
