How to Apply for COVID-19 Financial Assistance

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COVID-19 Financial Assistance
COVID-19 Financial Assistance

COVID-19 Financial Assistance In Australia – During this strange situation due to the COVID-19 pandemic, there are some supports that you are entitled to. It is essential to know that you have the right to get financial assistance to cope up with the COVID crisis. For you who are seeking jobs and keeping job available, you are entitled to get support payments or supplements. Other people with the different situation will also get the support payments. Here is the list of support payments available for the citizen.

How to Get COVID-19 Financial Assistance

Job Seeker and Other Income Support Payments

If you are a job seeker, you will receive $150 fortnightly which will be available until 31 March 2021. Those who are also eligible for this supplement are:

  • Partner allowance
  • Sickness allowance
  • Widow allowance
  • Youth allowance
  • Abstudy Living Allowance
  • Austudy
  • Farm Household Allowance
  • Parenting Payment
  • Special Benefit

Those are the people who are eligible for this supplement. Some people who need to do self-isolation will be able to apply for this crisis payment. Understandably, people in this delicate situation might have severe financial issues. As a Job Seeker recipient, it is also possible to get $300 fortnightly before the reduction of the payments.

During this time, JobSeeker beneficiaries will also be able to get up to $300 a fortnight before it reduces their payments.
For the JobKeeper, the payment will be initially given to support the business so that employees can still get paid. As a JobKeeper, you will need to notify your employees if they are eligible for the supplement. A self-employed will be able to access $1000 a fortnight starting from 4 January to 28 March 2021.

  • For an employee who has multiple employers, you will need to notify the primary employer.
  • If you are receiving support money from outside the government, you will need to notify the Australian Government service.
  • If you need to have a self-isolation, you can apply for the supplement because, in this financial hardship, you deserve to get support.

Reduced Drawdown and Deeming Rates for Retirees

Another supplement will be eligible for retirees through the drawdown rate for an account-based pension. The rate reduction will be applicable for 2019-20 and 2020-21. The deeming rate will be 2.25 percent the highest and 0.25 percent the lowest.

HomeBuilder Grant

Supplements will be available for the HomeBuilder grant as well. It will be applicable for first home buyers, eligible owner-occupiers, and renovating an existing home. The grant will be a $ 25,000 grant for the building contracts signed between June 4th and December 31st, 2020. For the building signed from January 1st and March 31st, 2021, the grant will be $15,000. The construction has to start within six months of the signed contract.

Financial Support for Businesses

The Australian Government will also provide financial business support. For a small up to a medium-sized business, the amount will be $100,000. JobKeeper will get the financial support to keep the staff. Temporary relief for financially distressed businesses will also be given. Trainee wages incentive and instant asset write-off are also provided. The government will also provide emergency, crisis, and legal support to help people with food, bills, and also housing.

Source Information : moneysmart.gov.au: COVID-19 financial assistance

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