‘Pretty close to theft’: Small business slams big corporate JobKeeper profits

The small business lobby boss has lashed out at corporate giants taking taxpayer-funded JobKeeper payments while reporting huge profits and delivering shareholders dividends instead of paying it back.

But many companies that applied for the subsidy after fearing a massive downturn in sales at the beginning of the pandemic instead experienced a change in fortunes. The subsidy, which was reduced to $1000 for full-time workers and $650 for part-time, is due to end on March 28. Publicly listed companies represent just a fraction of the businesses who participated in the $83 billion scheme, with 99 per cent of the payments going to private companies who do not receive the same level of scrutiny over their accounts. Mr Strong acknowledged many small businesses had received the payments, but said they were more likely to have smaller cash buffers and profits.

“The grey area is the judgment about significant profit ... There are a number of businesses with weird and wonderful outcomes [because of COVID],” she said. “If boards return these payments and there is another economic shock, there may be more worker lay-offs, a greater destruction of shareholder value, and the need for more government stimulus,” she said. “The pandemic simply isn’t over yet and the future is highly uncertain.”

Australian Centre for Corporate Responsibility director of workers’ rights Katie Hepworth said she was concerned about the way some companies appeared to be using JobKeeper funds.“Companies risk losing their social license if they skim the money from taxpayers to executives and shareholders via bonuses and dividends, rather than protecting their workforce through the crisis. These companies must consider returning their stimulus payments,” Ms Hepworth said.

JennieDuke Small businesses also received support from governament too. Also in many other forms.

JennieDuke How about some Robobusinessdebt collecting ScottMorrisonMP? There’s a great deal of money which could be clawed back. You could send them a letter of demand threatening gaol if the money’s not repaid. It must be legal to do so because you told us this many times before.

JennieDuke Well it is Australian now, along with the inequality and appalling level of Job Seeker. Welcome to SCMOs Australia where sexual assault is brushed off and ministers keep their jobs no matter how incompetent or corrupt they are.

JennieDuke That dinosaur Norman comes to mind .

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