One in three small businesses in Australia are so cash-strapped they face closure according to a new national survey conducted by Small Business Australia. It’s led to urgent appeals for additional government assistance to help businesses impacted by the coronavirus pandemic.
This news segment speaks directly to business owners feeling the pressure:
Lorenzo Rokutza – Jeweller
Bill Lang – Executive Director at Small Business Australia
Aix Cafe owners – 24 Centre Pl, Melbourne
Based on responses to the survey it’s estimated:
Over 900,000 small business owners have drawn down on savings to keep afloat during the pandemic
More than 500,000 have dug into superannuation
Almost 100,000 have sold real estate
Bill Lang, “We need the federal government to provide some more direct financial support to help the businesses meet their expenses and in many cases for the owners to draw an income we also need to make sure that should the businesses have to close that no small business owner is made legally bankrupt.”
Small Business Australia urges the government to implement fast action needed for a fairer solution for those businesses forced to close due to the COVID-19 restrictions. Learn more about COVID Business Closure.