COVID-19 Business Support Package and Disaster Relief Update

More business support has been announced this week by the Government to provide economic relief and ensure jobs are protected during the extended Greater Sydney and NSW Lockdown.

By Kelly+Partners Team  |  19 Jul 2021

COVID-19 SMALL BUSINESS SUPPORT PACKAGE 

Saving Jobs

Funded by both the NSW and Commonwealth Governments, businesses with annual turnover between $75,000 and $50 million will be able to receive a cash flow boost of up to $10,000 per week as long as you can show a 30% fall in turnover.  

You must also show that you are not reducing your team headcount as of 13 July 2021. 

Other business measures announced included:

  • No forced evictions for businesses who have lost more than 25% revenue
  • Deferred payroll taxes for two months for businesses who pay less than $10m per year in payroll

Applications for grants must be made through Service NSW. You can register your interest at: COVID-19 business support.

For more information please read here

COVID-19 Business Grant

From Monday 19 July, businesses, sole traders and not-for-profits impacted by lockdown may be eligible for the following grants: 

  • $7,500 for a decline of 30% or more 
  • $10,500 for a decline of 50% or more 
  • $15,000 for a decline of 70% or more

Limited information is available for this grant, please read more here

Micro Business Grant

Micro businesses include small businesses and sole traders with annual turnovers of between $30,000 and $75,000. Starting late July 2021, micro businesses impacted by COVID-19 restrictions may be eligible for a grant of up to $1,500 based on loss in turnover. 

HOW TO STAY HEAD

There are 4 ways you can stay ahead of the pack so you're prepared when applications open: 

  1. Ensure your business and contact details are up-to-date on the Australian Business Register
  2. Ensure your details are up-to-date in your MyService NSW Account and Business Profile 
  3. Create a MyService NSW Account if you don't already have one 
  4. Enter your details to be alerted when the programs are available 

COVID-19 DISASTER PAYMENTS FOR WORKERS

If you've had to reduce your team's hours due to the pandemic, they may be eligible for the COVID-19 Disaster Payment. These payments are designed to help alleviate pressure on business owners if you need to reduce staff hours to survive. 

From week four of the lockdown, eligible workers will receive:

  • An increase in their COVID-19 disaster payment income support to $600 per week if they have lost more than 20 hours of work
  • Workers who have lost 8-20 hours, will receive $375
  • To receive the payment, they must meet the criteria found here and apply through Services Australia

This payment will commence on:

  • Friday 16 July for Woollahra, Waverley, Randwick and City of Sydney
  • Monday 19 July for the rest of Greater Sydney
  • From 18 July, payments will now be available outside virus-hotspots across NSW

The Government has confirmed that the payments "will go on for as long as the lockdown requires" and is a taxable payment, so will need to be included on income tax returns. 

For more information, please click here.

Full eligibility criteria are not yet available. Once more information is released from the Government, we will update you.

 

For any questions, please do not hesitate to get in touch with your Kelly+Partners Client Director or give us a call on 1300 932 584 if you're not a Kelly+Partners client. Otherwise, please click here to book a discovery meeting.

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