APPLY WITH PHERRUS FOR THE COVID-19 SME GUARANTEE SCHEME

As we are entering into unchartered waters for the foreseeable future, the Australian Government has setup the Coronavirus SME Guarantee Scheme which will enable businesses, with a turnover/revenue of up to $50 million, to have access to working capital. The loans are specifically provided to businesses to help offset both their current and upcoming cash flow needs, including rent and staff. With applications open as of the beginning of April, now is the time to apply.

How Do You Apply?

All businesses should now be taking the time to organise prepare the necessary documents and statements as all businesses will be assessed on an individual basis. The main points to consider are:

  • Ensure Your Financial Records Are Current – Get your bookkeeping and payroll teams to look over and make sure everything is up-to-date. Ensure that those that look after your accounting system can generate the reports that show your company’s current financial position.
  • Is Your BAS position Current? – Make sure you have a look and check that you are up-to-date with BAS payments and that there is no outstanding amounts or incomplete lodgements. This could potentially effect your ability in being successful.

In order to make sure that you have the best chance of receiving the benefits of this scheme, talk to our expert tax agents who will be able to assist you in letting you know exactly what you need to do each step of the way and work with you to ensure you will be providing the most accurate information.

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We’ll give you our expert opinion on what option is right for you, including whether we think finance is the best option based on your financial position.

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