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With full lockdowns seemingly around the corner, the COVID-19 pandemic has put economic pressure on businesses all over Australia. It's difficult to know what to do with the situation rapidly changing and so many things thrown into chaos. This guide will look at what you can still do to manage your business' daily operations, employees, and finances.
Continuing business during the coronavirus outbreak may still be possible — but will require you to apply extra protective measures to keep customers and employees safe.
Transparent communication with employees is crucial. The more your employees know about your expectations and intentions, the better equipped they are to prepare.
Create an email account specifically for coronavirus-related queries and communications. Provide scheduled updates on how you plan to tackle day-to-day operations. If you anticipate having to close up shop or plan to ask employees to work from home, give as much notice as possible.
Given the current circumstances, a play-it-by-ear approach is entirely understandable. But keep your team in the know with frequent updates.
How Finder is managing its global workforce during the outbreak
Shifting payroll from paper checks to direct deposit eliminates the need for employees to pick up paychecks in person. You can set up direct deposit through your business bank account provider or payroll software like ADP, ClockOn or OnPay.
Collect the necessary banking information from your employees, including their bank account type, number and the BSB of their financial institution. After you submit their information to your direct deposit provider, all that's left is setting up a payroll schedule and completing your provider's authorization process.
While it may not be feasible for all business models, video conferencing can safeguard the health of your employees while keeping operations afloat. If it's possible for your employees to get work done with a computer and an Internet connection, encourage them to work from home.
Does your business rely on in-person sales? Consider selling online. A number of merchant services providers like Square and Shopify offer e-commerce store building software. You don't need to be tech-savvy to set up your website, as most providers offer beginner-friendly website themes. You can even integrate your online store with your social media accounts for omnichannel marketing.
Business operations during a global pandemic are all about managing risk. And while it may be tempting to forge ahead with a business-as-usual attitude, the health of your employees and that of the greater community needs to come first. If you're committed to keeping your doors open, consider reducing your operating hours if it is possible to do so.
Small business loan payments
A Small Business Relief Package has been announced for small businesses that have been affected by COVID-19. The relief package will defer all principal and interest payments for loans to small businesses that have been affected by COVID-19. It is available to businesses in any sector that have business loan facilities up to $10 million.
Banks can defer loan payments for six months and are also offering loans or overdrafts with no repayments for the first six months with low interest rates through an SME loan guarantee.
Any small business who has not already been contacted by their bank about the Small Business Relief Package is being urged to get in touch with their bank. Banks have already begun contacting their customers and the packages have begun rolling out to customers.
JobKeeper payment
If your business has been affected by COVID-19 and you are unable to pay staff, you can access a government subsidy of up to $1,500 per employee for a period of up to six months. This subsidy is already in place. To be eligible, your business needs to have a turnover of less than $1 billion and it needs to have fallen by more than 30. If you have turnover of more than $1 billion it needs to have fallen by 50%.
Eligible employees need to be full-time, part-time or long-time casuals that are at least 16 years of age.
Commercial tenancies
A mandatory commercial tenancies code has been released by the Federal Government and includes measures to support businesses affected by the COVID-19 restrictions. The code covers businesses that are in financial distress due to COVID-19, have a turnover of less than $50 million and are eligible to receive support under the JobKeeper payment (eligibility for which is outlined above).
Under the code, landlords must not terminate the lease and will be required to reduce leases in proportion to the decline in turnover experienced by the tenant. To do this, landlords can use a mix of rent waivers and rent deferrals, but waivers must account for at least 50%. Any deferral of rent must be spread over the remaining time of the lease and for a period which must not be for less than 24 months.
There are a few ways your business can financially benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act. You might be able to apply for the new Paycheck Protection Loan or an SBA disaster loan to cover overhead costs like payroll. And if you apply for a disaster loan, you can also request a $10,000 grant to tide you over until your loan funds come through.
Tax breaks, SBA loan payment subsidies and other programs might also help you retain employees and keep your business from shuttering completely. Also, check with your state and local government for other funding options for your business.
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If your business is still open amid the COVID-19 crisis, take proactive measures to keep employees and customers safe:
According to government regulations announced 26 March (2020), some businesses must be closed, while others are restricted or allowed to remain open. Remember that if you are able to close your business or move operations online or off-premises, you should do so to lower the risk of transmission. Even if regulations don't demand it, you can help limit the spread.
Guidelines and regulations are constantly evolving as the pandemic unfolds, but here is the current list of restrictions on businesses. For some of those in the banned or closed category, we've listed some ideas for how they can keep operating while closed.
Banned or closed
Restricted
Remaining open
Remaining flexible and responsive can help your employees feel supported during the coronavirus outbreak. Employees may need to tend to their children or support a loved one in a high-risk group. Clarify your company's sick-leave policies and prepare to deal with questions and requests.
The Department of Health has advised that if someone feels sick or has a sick family member at home, they should self-quarantine to lessen the risk of potential infection. Let your employees know what coronavirus financial assistance programmes exist to help them cope, including unemployment benefits like Centrelink and banks that have begun to offer financial aid.
If your bottom line has begun to suffer, look into ways your business can access cash during the outbreak:
Businesses that hold business interruption insurance might assume lost income as a result of the outbreak is by their policy. But here's the problem: Business interruption insurance is an extension of property insurance designed to cover property damage after a natural disaster. And the current COVID-19 pandemic may not qualify.
After the SARS outbreak in 2003, many providers began to exclude epidemics and pandemics from their business insurance coverage. Read our guide on insurance during the coronavirus outbreak for more information. You should also ask your insurance provider about your coverage and whether lost income as a result of the COVID-19 outbreak qualifies.
While it's not too late to get coverage and many providers allow you to submit applications online, it may be difficult to find a provider willing to cover lost income as a result of the novel coronavirus outbreak. Many businesses across Australia are in the same situation and are seeking support for business insurance providers. You may be better off pursuing a government or private financing or relief option instead.
Businesses can navigate the COVID-19 outbreak by planning ahead, using resources and taking a proactive attitude. Stay up to date on the latest COVID-19 developments through our coronavirus hub.
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