Major COVID-19 Small Business Relief Packages have been announced by the NSW Government following the recent spike in COVID-19 cases across the state. The relief efforts are designed to help businesses and their owners in the effort to prevent further economic distress.
The small business support grant is the heart of the package. The goal is to minimise cashflow constraints and can be used to cover business expenses including rent, utilities and wages. The grants are also available for sole traders and non-for-profit organisations.
SUMMARY OF RELIEF AVAILABLE:
- Grants that vary from $5,000 - $10,000 for small businesses
- Optional Payroll tax deferrals for all employers
- An extension of the Dine & Discover program to 31 August
- The ability to use Dine & Discover vouchers for takeaway deliveries when ordering from the restaurant directly.
- New Sydney CBD Voucher Program to turbocharge city-based businesses
The grants will be divided into two streams:
1. SMALL BUSINESS COVID-19 SUPPORT GRANT
- Available to businesses and sole traders with a turnover of more than $75,000 p.a. but below the NSW Government 2021/21 payroll tax threshold of $1.2m as at 1 July 2020.
- These businesses should have fewer than 20 full time equivalent employees
- Must have an ABN registered in NSW or demonstrate you are physically located and operate in NSW.
2. HOSPITALITY AND TOURISM COVID-19 SUPPORT GRANT
- Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual wages bill of less than $10m as at 1 July 2020.
- Must have an ABN registered in NSW or demonstrate you are physically located and operate in NSW
Three different grant amounts will be available depending on the decline in turnover experienced during the restrictions. The grants will commence from late July and businesses will need to show a turnover decline across a minimum of two-weeks from June 26:
- $10,000 for a 70% decline
- $7,000 for a 50% decline
- $5,000 for a 30% decline
The program is available across the entire state to also alleviate losses incurred by rural businesses due to reduced tourism at the hands of the lockdown.
More information on the small business support grants and full criteria for eligibility to follow in coming days.
Please note application for grants must be made through Service NSW website. For the official media release and more information, please click here.