World Businesses face repaying Covid support payments
A company gave back $1.7 million in JobKeeper payments after a spike in sales – but the treasurer says other businesses don't need to do the same
Federal Treasurer Josh Frydenberg says companies which recorded strong profits over the last financial year won't be required to pay back the JobKeeper subsidy payments they may have accrued. The statement comes after Super Retail Group, which operates Rebel Sports and SuperCheap Auto, today volunteered to pay back $1.7 million in taxpayer subsidies following an extraordinary spike in sales. Successful companies which received JobKeeper support "have no legal obligation to repay that JobKeeper amount," Frydenberg said. Visit Business Insider Australia’s homepage for more stories.
Businesses have reacted with anger over States of Guernsey proposals to recover financial support from profits made.
Thewas reintroduced on Tuesday by the States, but now means support can be claimed back at the end of the year.
Phil Horsepool, from events organiser Bonboniera, said many businesses were already "working seven days a week" to recover from the first lockdown.
The bailiwickafter four unexplained cases.
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Almost 4,000 people and businesses apply for financial assistance in the Isle of Man's second lockdown.Three cash support schemes were reinstated after the fresh restrictions began on 7 January.
The scheme, which pays 80% of Guernsey's £8.70 minimum wage to employees up to 42 hours a week and requires businesses to pay the remaining 20%, is expected to cost the States £2.5m per week.
It is also open to the self-employed and sole traders, the States confirmed.
'Used up savings'
Mr Horsepool explained they were not allowed to work at all due to the lockdown rules, despite being capable of doing contactless delivery.
He said: "Suddenly overnight we've got not a penny of income coming in.
"What they forget is since the last lockdown most of us have been working seven days a week just to recoup some of the major losses we had during [the last lockdown]. And the same thing will happen again."
Shane Mauger, who runs New Image salon, argued the support was insufficient as many businesses would not be able afford to pay the 20% with no income coming in.
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"Last lockdown most businesses used up their savings and revenue to keep their business alive whilst closed down," he added.
President of the Policy and Resources Committee Peter Ferbrache confirmed atthe scheme now includes a clause which allows the States to ask businesses to return the support if they turn a profit by the end of the year.
He called on business owners to "think very hard" about if they need support, given many "thankfully bounced back very well" after the last lockdown and the "enormous" pressure on public finances.
Deputy Ferbrache said: "We need to direct public finances, which are under strain, where they're most needed."
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