It’s hard to avoid the impact that COVID-19 is having on everyone around the world, including small businesses.
One positive move from the government however, which will help small businesses to navigate this new landscape, is the $189 billion COVID-19 Stimulus Package.
The government has designed this package to help small businesses remain viable and continue to employ staff until the world returns to some sort of normality. One way you can leverage this package is if you were considering an office refurbishment pre-COVID-19, but have put it off for the time being.
In fact, this package may even encourage some businesses to invest in new office fitouts during this enforced downtime.
How can you leverage the COVID-19 Stimulus Package for your office refurbishment?
Within this package there are three key areas that benefit small businesses, two of these can be directly leveraged for your office fitouts.
1. Guaranteed loans
This package guarantees 50% of any loans (up to $250,000) taken out by small businesses with an annual turnover of less than $50m. If you are in a position to borrow money for an office refurbishment, then these loans can make a huge difference!
2. PAYG wage subsidy
Small businesses with an annual turnover of less than $50 million will also receive a $100,000 credit on their activity statements. Whilst not having a direct impact on office fitouts, a positive cashflow can put your business in a good position to take on a loan that’s guaranteed by the government!
3. Asset write offs
In an effort to stimulate the economy, the government has increased asset write offs to $150,000 per asset. This means that you can write off the costs of office fitouts immediately. Currently however, there is a cut-off date of 30 June 2020, but it may be extended until 2021.