Xero releases new support package eligibility calculator

Xero noted that demonstrating the required revenue decline to qualify for support can be a challenge with the tool designed to make it easier for small businesses and advisers to calculate their eligibility for the state support packages.

“The announcement of financial support for small and medium sized businesses by state governments is welcome news to the thousands of business owners who have been doing it tough,” Joseph Lyons, managing director, Xero, Australia and Asia said.

“There’s no doubt the Australian small business community has faced incredible challenges due to the COVID-19 pandemic, and it continues to be hampered by the uncertainty of this current outbreak.”

Mr Lyons noted that this uncertainty not only impacts a business, but the business owner’s personal life, with Xero’s recent Small business trends report revealing 60 per cent of small-business owners are worried about their own household finances running low. 

“This support will not only give a much-needed boost to small businesses, but hopefully allow them increased confidence to invest in their business and employees – and set them up for a successful 2022,” Mr Lyons added.