JobKeeper payment which started March 2020 to support businesses that significantly affected by COVID-19 will end on 28 March 2021. Eligible businesses still have time to enrol, with the March monthly business declarations due by 14/04/2021. ATO advised businesses do not need to do anything different when the program closes. Consider to hire a professional debt collection agency in economic downturn?
Entrepreneurs expecting many businesses that continuing be adversely impacted by COVID-19 will under renewed liquidity and employment pressure, particularly for tourism, travel, wholesale and retail industries.
Businesses experiencing cashflow issues, or have clients that are struggling to survive, may need to look at the business more broadly. Collect all the cash that can be collected, set up a procedure to mitigate risks, speak with your business advisor or even insolvency advisor if needed.
Let us know if you need help from a professional debt collection agency, and we are always here to help!
Jobkeeper information can be found via https://www.ato.gov.au/general/jobkeeper-payment/jobkeeper-extension-announcement/
Need more advice about debt collection? Read our blog “Important Update for Insolvency Reforms”
Consider our “Receivable & Credit Management” service
Learn more about “Debt Collectors In Melbourne For Small Businesses”