The Government is providing vital support to help sole traders withstand the economic impacts of the coronavirus.
Support is available if you are a sole trader with legal responsibility for all aspects of your business whether you work alone or are an employer.
As a sole trader you could be eligible for either the JobKeeper or JobSeeker payment.
Since 28 September 2020, the JobKeeper Payment has been extended, however, payments will be targeted to eligible sole traders that have been, and continue to be, most significantly impacted by the Coronavirus. The payment has also been stepped-down and two tiers of payment will be introduced.
JobSeeker eligibility has also been temporarily expanded to include sole traders and the self-employed if your business has been negatively affected.
You may also be able to access cheaper credit under the Coronavirus SME Guarantee Scheme. Under this Scheme, the Government is guaranteeing 50 per cent of new loans issued by participating lenders to SMEs including sole traders. The Government has recently extended the Scheme to be available for loans written until 30 June 2021, and made targeted amendments to the Scheme’s parameters to meet the evolving needs of businesses including sole traders. More information is available on the SME Guarantee Scheme page.
Further support is also available for those working in industries, communities or regions particularly affected by the Coronavirus economic downturn including tourism, agriculture and education.