The Government has changed the required actual or predicted revenue drop threshold from 50% to 40% for the extended wage subsidy scheme.
It says up to 230,000 businesses are now forecast to be eligible for the new eight-week scheme from 10 June, covering up to 910,000 workers. An extra 40,000 businesses will be eligible now that the criteria have been relaxed somewhat.
Under the amended revenue test, businesses must have an actual or predicted revenue loss of at least 40% for a 30-day period in the 40 days immediately prior to the application date (but beginning no earlier than 10 May 2020) versus the nearest comparable period last year.
Updated information on the scheme
The Work and Income website has detailed information on the extended wage subsidy scheme including criteria and repayments.Read More