COVID-19 UPDATE: Federal Goverment Second Stimulus

Sunday 22nd March 2020

COVID-19 UPDATE: Federal Goverment Second Stimulus

Sunday 22nd March 2020
Written by Scott Norrish

Earlier today (Sunday 22nd March 2020), Prime Minister Scott Morrison announced a second round of Federal government stimulus measures, in response to the ongoing coronavirus pandemic.

He also confirmed that the National Cabinet, comprising State Government leaders, would convene later this evening to determine further measures required. It is understood (but not confirmed) that both NSW and VIC State Premiers will push to enact a shutdown (not a lockdown) of non-essential businesses and service in the coming days.

We await further news in this regard, however in relation to the key aspects of the Federal Government announcement today, these include: -


  • An additional payment of $550 per fortnight to eligible recipients
  • On top of the regular jobseeker payment
  • Paid for the next 6 months


  • A further $750 payment to eligible recipients (on top of the initial $750 announced in Stimulus #1)
  • 5 million Australians eligible


  • Access to $20,000 of your superannuation over 2 years for those suffering financial hardship
  • No tax on released Super
  • Pension minimums reduced


  • Payments between $20,000 and $100,000 to be made
  • Small and Medium sized businesses
  • Also available to Not-for-Profits and Charities
  • Available from 28 April 2020


  • 50% Government Guarantee for new loans
  • Easier access to working capital
  • Support for $40 billion worth of loans

What to do if you require assistance?

Collectively we are facing a period of unprecedented uncertainty. Circumstances are changing daily, and it is difficult for any of us to keep on top of everything that is available to you to assist you, whilst juggling your health, family and business priorities.

We encourage you to please be in contact with your adviser at Maxim if you have any questions or uncertainty at all, whether that be the practical impact of these stimulus measures on your business, how to access them, how to deal with questions from your team members and assistance available to them (or you), or simply to speak to someone.

Maxim have enacted our business contingency plan and our remote working plan and will remain open to support you in these tough times.

Please don’t hesitate to reach out and call us at any time.

Stay safe and support each other.