Small business gets bushfire package

The federal government has announced a suite of measures to help small business that have been hurt by the bushfires.

* Loans of up to $500,000 will be offered for businesses that have suffered significant asset loss or significant loss of revenue.

* The loan would be up 10 years with a repayment holiday of up to two years, with no interest accruing during this period. The subsequent interest rate would be set at 50 per cent of the ten-year Commonwealth government bond rate - currently around 0.6 per cent.

* Building on the disaster recovery grants put in place by state governments, the federal government will provide top-up grants to eligible small businesses and non-profit organisations.

* This program is uncapped with access of up to $50,000 in tax-free, grant funding.

* Taxpayers in impacted postcodes will now have until May 28, 2020 to lodge and pay business activity statements and income tax returns.

* Businesses that pay their Pay-As-You-Go Instalments quarterly are also allowed to vary these instalments to zero for the December 2019 quarter and claim a refund for any instalments made in the September 2019 quarter.

* The government will deliver $3.5 million to establish the Small Business Bushfire Financial Support Line as well as to fund 10 additional financial counsellors with the ability to provide advice to around 100 small businesses a day.

* The federal government will work with local and state governments, business groups and other community organisations to develop Local Economic Recovery Plans.

* These plans will be locally developed and locally-led to ensure the focus in each community is on the infrastructure and assets they need to rebuild.