Everything brokers need to know about the new COVID support payments

by Mike Wood29 Jul 2021

Brokers will be among the first people that SME owners call when thinking about their finances, and so it is vital that they are up to date with everything that is happening with COVID support measures for small businesses.

New South Wales extended its lockdown for another four weeks yesterday, with a commensurate increase in support for those forced to stop trading or curtail business as a result of the new restrictions.

At both federal and state level, governments have extended options for SMEs, with headline measures being the JobSaver booster and the 2021 COVID-19 Business Grant, both of which should be welcome news to commercial brokers and their small business clients.

“Explain to your SME clients the steps that can be taken to fast-track any support payments by ensuring their business and contact details are up-to-date with the Australian Business Register,” said Cameron Poolman, CEO of SME fintech OnDeck.

“Also encourage them to check that their personal, contact and business details are up-to-date in their MyServiceNSW Account and business profile.”

“If small business owner don’t have an account, they can create a MyServiceNSW Account and business profile.”

“Brokers should remind their clients that fast, efficient funding is also available through OnDeck to assist them with cashflow – or to seize opportunities that may arise such as pivoting to online sales during this challenging time.”