Unfortunately the situation we all hoped would never happen, another lockdown, has quickly hit NSW and sent businesses into “fight or flight mode” again.
However, the state government have been quick to react and put in place a new grant program. Whatever their faults in recent months and years, they have been proactive in sending out help to struggling businesses throughout this pandemic.
Not all the eligibility criteria have been announced yet, but this is what we know so far:
To be eligible for the grant, a businesses must have:
Turnover more than $75,000
An annual Australian wages bill of less than $1.2m and fewer than 20 employees, as at 1 July 2020.
The business must have an ABN and be able to demonstrate that their business is predominantly in NSW
This includes sole traders and not-for-profit businesses.
Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions:
$10,000 for a 70% decline in turnover
$7,000 for a 50% decline
$5,000 for a 30% decline
All of the above are as a comparison against turnover in 2019 in the same period (specific dates yet to be defined by NSW government).
Grants specifically for hospitality and tourism:
Turnover of more than $75,000
Annual Australian wages bill of less than $10m, as at 1 July 2020.
For the larger businesses, the government have also announced that there will be payroll tax deferral available for payments due in July 2021.This will be agreed on a case by case basis.
A proof of eligibility will be required and this will be done by providing a letter from your accountant in addition to the application on the Service NSW site.
We await more detail from the NSW government and will send out the information as it comes through.
If you need help with your application please reach out to the team.
