There's no denying the coronavirus outbreak is having a devastating impact on businesses across the country.
Tens of thousands of Australians are being stood down or have lost their jobs permanently because of the disruption the virus is causing to everyday life.
Positively, for those that have been impacted, the Federal government's stimulus packages have been put in place to support households and businesses and address the significant economic consequences of the outbreak.
What should you do if you've lost your job or being stood down?
The first thing I would do is look at the new, time-limited coronavirus supplement which will be paid at a rate of $550 per fortnight. This is on top of any other income support payments that you are already entitled to. As I mentioned here, according to Services Australia, including the coronavirus supplement, a single parent can receive up to a maximum of $1,156 per fortnight. That's approximately $2,500 per month.
Companies are still hiring.
Despite the tough economic conditions that we are facing, it is worth noting that there are companies that are still hiring. These include BHP Group Ltd (ASX: BHP), Coles Group Ltd (ASX: COL), Domino's Pizza Enterprises Ltd (ASX: DMP), and Telstra Corporation Ltd (ASX: TLS). They have all announced their intentions to create new jobs this month. And a quick look on SEEK Limited (ASX: SEK) reveals that there are currently 111,963 job advertisements on its platform. Whilst many of these job opportunities may be deferred until the crisis passes, it is comforting to see new listings hitting the platform each day.
Mortgage relief.
Finally, if you're struggling with your mortgage, speak to your bank at the first opportunity. Australia and New Zealand Banking Group (ASX: ANZ) and the rest of the banks have agreed to provide mortgage relief. ANZ and others will allow borrowers who have been financially impacted by COVID-19 to put their home loan repayments on hold for up to six months. I think this was a great move by the banks and hope it provides some comfort to homeowners during these difficult times.
