What's in the second coronavirus stimulus package for you
By David Thornton
Pensioners, carers and Newstart recipients are among about 5 million vulnerable Australians who will receive a second $750 payment.
The government yesterday announced a further $66 billion in economic stimulus, hot off the heels of the initial $17.6 billion package released last week. Like the first, this package targets households and small to medium sized businesses.
The government will provide a second $750 from July 13, 2020, for those receiving one of the below payments, or have an eligible concession card on July 10, 2020:
- Age Pension
- Disability Support Pension
- Carer Payment
- Carer Allowance
- Parenting Payment
- Wife Pension
- Widow B Pension
- ABSTUDY (Living Allowance)
- Austudy
- Bereavement Allowance
- Newstart Allowance
- Youth Allowance
- Partner Allowance
- Sickness Allowance
- Special Benefit
- Widow Allowance
- Farm Household Allowance
- Family Tax Benefit A
- Family Tax Benefit B
- Double Orphan Pension.
- You'll also get it if you hold one of the following cards:
- Pensioner Concession Card
- Commonwealth Seniors Card
- DVA Gold Card.
Or if you get one of the following Department of Veterans' Affairs payments:
- Veterans Service Pension
- Veteran's Income Support Supplement
- Veterans' Compensation payments
- War Widow(er) Pension.
Moreover, those receiving one of the following payments will get an extra $550 a fortnight on top of their regular payments:
- JobSeeker Payment
- Youth Allowance for job seekers
- Parenting Payment
- Farm Household Allowance
- Special Benefit.
Super and retirees
Those experiencing financial stress due to the coronavirus will be allowed to dip into their super - up to $10,000 in 2019-20 and a further $10,000 in 2020-21.
The drawdown rate for retirees has also been cut by 50% for 2019-20 and 2020-21.
Meanwhile, the deeming rate has been cut by a further 0.25%, consistent with last week's rate cut by the RBA. The lower deeming rate will now be 0.25% while the upper deeming rate will be 2.25%.
Small and medium businesses
The government will guarantee 50% of new loans issued by eligible lenders to small and medium-sized enterpises (SMEs), thereby guaranteeing up to $20 billion to support $40 billion in SME loans. It's also raising the threshold at which creditors can issue a statutory demand on a company.
Accessing payments
The payments will be automatically processed for those already receiving payments, so no need to set up anything further.
However, if you're signing up for payments for the first time, you'll need to set up a MyGov account, and link it to Centrelink.
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