The 2022 New South Wales and Queensland floods have devastated businesses and communities in Australia. Thankfully, there are some financial lifelines and government support available to those in need.
Government Measures for the New South Wales and Queensland Floods
The NSW and QLD state governments are implementing measures to financially support those affected by the 2022 New South Wales and Queensland floods.
For NSW, these measures include:
- Grants for farmers, small businesses and not-for-profit organisations;
- Disaster relief loans;
- Disaster recovery assistance; and
- Mediation support for commercial tenancies affected by storm damage.
The NSW government notes that disaster recovery assistance is available to businesses in eligible NSW local government areas that have been impacted by storms and floods, further stating that if your business premises have been damaged due to storms and flooding, you should take photographs of the visible damage as soon as it is safe to do so, to assist in accessing support in the future.
For QLD, the measures currently include the following financial assistance grants:
- Emergency Hardship Assistance Grant;
- Essential Services Hardship Assistance Grant;
- Essential Household Contents Grant;
- Structural Assistance Grant; and
- Essential Services Safety and Reconnection Grant
Support from Banks and Financial Institutions
Depending on your circumstances, some banks and financial institutions are offering assistance including:
- A deferral of scheduled loan repayments, on home, personal and some business loans for up to 3 months;
- Waiving of fees and charges, including for early access to term deposits ;
- Debt consolidation to help make repayments more manageable;
- Restructuring existing loans free of the usual establishment fees;
- Offering additional finance to help cover cash flow shortages;
- Deferring upcoming credit card payments; and
- Emergency credit limit increases
If you need assistance in regards to accounting and legal issues faced at this time, contact our team of experienced accountants and lawyers. You can submit an online enquiry or call us on +61 2 9223 9166 to arrange a teleconference or appointment.