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Like all Australians, we’re closely monitoring the novel coronavirus (COVID-19) situation.
At Moula, we provide support to good businesses that require funds for growth or cash flow assistance. During a time like this, our role within the business community becomes more important than ever.
While the full impact of COVID-19 remains unclear, we’re sensitive to the fact that businesses are facing a particularly challenging time. While we’re in uncharted territory, we remain committed to our customers and partners, and our core value of backing good business.
We’re here to help and support your business during this challenging time. If you want to discuss your individual circumstances, our team is available Monday to Friday from 9am to 5pm AEDST, via phone, email or start a live chat.
If you’re a Moula customer whose business has been impacted by COVID-19, please get in touch to discuss your individual needs. We’ll work with you to try and offer new payment arrangements and plans.
If you’re new to Moula, you can still apply for a loan through this period. You can apply for up to $250,000, and we’ll assess your application within 24 hours. While this certainly isn’t business as usual for anyone, we’re still open for business.
The Australian Government has announced the JobKeeper Payment to help protect employers and employees from the impact of coronavirus. Eligible employers will be able to access a subsidy from the government to continue paying their employees.
As an SME, you may be eligible if your business has recently seen more than a 30 per cent drop in revenue relative to a prior comparable period in the last 12 months. That comparable period must have stretched at least one month. Impacted businesses will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months. Eligible employees must have been on the books as at 1 March 2020. Eligible employers include companies, partnerships, trusts and sole traders who meet the criteria.
If you’re self-employed or a sole trader, you may stand eligible for the JobKeeper Payment. You must have recently experienced more than a 30 per cent drop in revenue relative to a prior comparable period in the last 12 months. You can now register your interest in the scheme through the ATO. After making an initial declaration showing a contraction in business activity, you must provide monthly updates to the ATO to show the ongoing impact of COVID-19 on your business to remain eligible for the JobKeeper Payment.
There’s a good chance that your business can. The Australian Government has expanded the instant asset write-off from $30,000 to $150,000 in response to the economic impact of the coronavirus. The increased limit came into effect on 12 March 2020 and applies for assets first used or installed until 30 June 2020. This applies to a vast range of assets — nearly everything, including the (business’) kitchen sink. In the past, a business purchasing an asset could only write off a portion of an asset expense over several years. By deducting the full expense in a single year, you can decrease your taxable income and the tax you owe. For eligibility and thresholds, jump on the Australian Government’s dedicated instant asset write-off page.
The Australian Government has unveiled a coronavirus economic stimulus package to support affected individuals, businesses, and the broader community. This package covers an increase in cash flow assistance of up to $100,000 to help SMEs continue paying wages, wage subsidies for eligible employers of trainees and apprentices, income support for sole traders and the self-employed, early access to superannuation, and temporary relief for financially distressed businesses. Moula has provided more detail on what Australian SMEs need to know. For the full scope of the package and to see if you’re eligible to claim assistance, please refer to the Australian Government’s Economic Response to the Coronavirus.
We’re here to listen to your needs and work out tailored solutions for your business. Please get in touch and we’ll guide you through reduced payment arrangements and plans, or where necessary, deferred repayments. We don’t take a one-size-fits-all approach to finance; so we’ll work with you on an individual basis to find a way to help.
Your repayments will return to normal at the end of your payment plan period. We will also engage with you to come to an arrangement to catch up on arrears payments, and interest accrues on your outstanding balance during the deferral period and on arrears balances. We’ll let you know before your repayments are due to restart.
For more frequently asked questions, please click here.