For all those that have been unlucky enough to have been impacted by the recent floods, you maybe able to apply for financial support through a number of government relief packages:
These support schemes are designed to help with recovery and income/wage support for those in the designated regions. The Australian Government have designated the following local government areas:
- Blue Mountains
- Canterbury Bankstown
- Central Coat
- Clarence Valley
- Coffs Harbour
- Dungog Shire
- The Hills
- Inner West
- Lake Macquarie
- Northern Beaches
- Port Macquarie-Hastings
- Port Stephens
Most banks are offering a range of relief support which range from the following depending on your bank:
- Paused and bespoke repayment arrangements and loan deferrals;
- Fee free access to term deposits;
- Restructuring business loans;
- Additional emergency credit increases and overdrafts
- Emergency debt consolidations; and
- Cashflow assistance solutions.
You should also speak to your banks in relation to your business and personal banking facilities to ensure what is available to you and your circumstances.
Always Be Careful of Storm Chasers
Unfortunately, like every natural disaster before, you should be on guard of “storm chasers” who will prey on those that need help by offering unsolicited services such as inspection reports or emergency repairs and business recovery services.
- With respect to building damage: If you’re insured, always speak to your insurer first before engaging a tradesperson and check if the person is licensed and compliant to work on what they are offering.
- With respect to business issues: You should always speak to your accountant before entertaining someone that is offering to save you from everything wrong with your business. There are a number of options that could help with your business but these business “storm chasers” will usually offer the quickest and easiest options for them which could be a significant burden on you in the long term which may include wiping out your business insurance coverage.
Now is not the time to rush into decisions without speaking to your insurer and accountant beforehand. Being founded by a former emergency services worker, we understand the impacts of disasters better than most advisors and stand ready to help you understand these options before you commit to anything.