The NSW government has announced several grants to provide relief to businesses affected by the COVID-19 lockdowns
The NSW government has announced several grants to provide relief to businesses affected by the COVID-19 lockdowns. Full eligibility criteria and applications are still being developed by Services NSW and Services Australia. At this stage, businesses can register their interest in relief funding on the following link: https://www.service.nsw.gov.au/covid-19-business-support-2021 This will ensure that you are notified when applications are open. We will ensure we notify you when full criteria are available. In the meantime, here is a summary of what we know so far. COVID-19 Business Grant:
- Applications open from July 19th
- Businesses that have a turnover of at least $75,000 and wages below $10 million will be eligible
- The grant amount will depend on the decline in turnover as follows:
- $7,500 for a decline in turnover of 30%
- $10,500 for a decline in turnover of 50%
- $15,000 for a decline in turnover of 70% or more
Saving Jobs Grant:
- Applications open from July 26th
- Businesses that have a 30% decline in turnover will be eligible for up to 40% of their weekly payroll. Payments of $1,500 – $10,000 per week will be available
- Businesses must be able to demonstrate that they have maintained their staffing levels as of the 13th of July
- The payroll tax will be waived by 25% for businesses that have experienced a 30% decline in turnover due to the lockdown
Micro Business Grant:
- Applications open from late July (no date announced)
- Small businesses or sole traders affected by the lockdown will be eligible to apply for up to $1,500 per fortnight
Micro Business Grant:
- Applications open from late July (no date announced)
- Small businesses or sole traders affected by the lockdown will be eligible to apply for up to $1,500 per fortnight
For Individuals:
- The COVID-19 disaster payment from the federal government has been increased:
- For individuals who have lost 20 hours of work per week the payment is now $650 per week
- For individuals who have lost between 8-20 hours per week the payment is now $375 per week
- The liquid assets test will be removed for NSW residents, allowing those with access to savings to be eligible for the payment
