New JobTrainer, plus extensions to JobKeeper and loan guarantees

Significant announcements have been made to stimulus measures over the last few days including and extension and forthcoming changes to the JobKeeper scheme and to SME Loan guarantees, and the new JobTrainer scheme.

JobKeeper extended but there’s a catch

Treasurer Josh Frydenberg has announced the JobKeeper Payment will be extended by six months, offering businesses and their workers a continued lifeline.

The JobKeeper Payment is currently due to finish on 27 September 2020, but will now remain available for eligible employers until 28 March 2021.

A two-tiered payment will also be introduced from 28 September, to align the payment with the incomes of employees before the onset of the COVID-19 pandemic.

You can enrol for the JobKeeper Payment at any time until the program closes if your circumstances have changed.

SME Guarantee Scheme extended

The Government has announced an extension to the Coronavirus SME Guarantee Scheme which supports small and medium sized businesses (SMEs) to get access to the funding to adapt and innovate during the coronavirus crisis.

Under the existing Scheme, the Government is providing support to SMEs in partnership with 44 approved lenders by guaranteeing 50 per cent of new unsecured loans to SMEs.

The next phase of the Coronavirus SME Guarantee Scheme shifts its emphasis to helping businesses access more affordable and longer term credit.

New JobTrainer scheme

The Prime Minister has announced a $2 billion program to give hundreds of thousands of Australians access to new skills by retraining and upskilling them into sectors with job opportunities, as the economy recovers from COVID-19.

The JobTrainer skills package will also guarantee support for thousands of apprentices in jobs across the country by subsidising their wages to keep them employed and their training secured.

The new $1 billion JobTrainer program will provide up to an additional 340,700 training places to help school leavers and job seekers access short and long courses to develop new skills in growth sectors and create a pathway to more qualifications.

Courses will be free or low cost in areas of identified need, with the Federal Government providing $500 million with matched contributions from state and territory governments.