CASH IS KING FOR BUSINESS

THE word “unprecedented’’ and the saying “once in a century” occurrence have been uttered by many over the past week, and for good reason.

The impact of the COVID-19 crisis on all facets of our society is indeed unprecedented.

And that is why it needs a similar response.

On the Gold Coast, some green shoots are appearing, with some landlords starting to offer rent relief to struggling Gold Coast businesses dealing with a huge drop in trade due to the pandemic.

Similarly, the Australian Banking Association has announced a six-month deferral for all small business loan repayments, although details on what loans are exactly eligible remain to be seen.

This follows the $105 billion stimulus package announced by the Federal Government on Thursday as well as the earlier $17.6 billion package.

The Reserve Bank has also slashed the cash rate and the Queensland Government is offering $250,000 interest-free loans to small businesses as well as payroll tax deferrals – payroll being a significant burden on business.

However, more needs to be done. Much more.

Businesses on the Gold Coast are rapidly moving to cut staff or move them to parttime hours as the crisis goes on.

Ardent Leisure yesterday announced it was encouraging salaried staff to move to part-time.

Gold Coast Chamber of Commerce president Martin Hall is urging the council to waive small business charges, rents, levies and permit fees “immediately”.

He wants the council to copy Brisbane City Council, which has announced a $7.9 million business relief package to waive a range of fees and charges for businesses and council lessees.

CEO Dale Dickson is promising an announcement by Tuesday at the latest.

Despite council being in caretaker mode ahead of the election, he recognises, quite rightly, council needs to act now.

“These measures will focus on appropriate actions for individual industries including the film and television industry, education industry, tourism industry, development industry and others.”

But for business owners, particularly small business, that relief can’t come soon enough.

Cash is king and business owners need an immediate injection.

They don’t want to be weighing up the merits of paying permit fees or laying off staff.

That is a choice no one should be forced to make.