As the announcement of the extended lockdown period is made, The NSW and Federal Government have announced several support packages that can be applied for in the coming weeks. Below are some of the key components of the existing and upcoming financial support:
• If your business or not-for-profit organisation has been impacted by the restrictions, you may be eligible to apply for support from 19 July 2021.
• An extension to the previously announced business grants program means eligible businesses with Australian wages below $10 million can claim grants of:
1) $7,500 for a decline of 30% or more
2) $10,500 for a decline of 50% or more
3) $15,000 for a decline of 70% or more.
• If you’re a micro business (small business or sole trader with annual turnover between $30,000 and $75,000) experiencing a 30% decline in turnover, you may be able to apply for $1500 payment per fortnight of restrictions.
• Up to $2 billion committed to the scheme to provide cash-flow support to businesses to help them retain staff, to be delivered together with the Commonwealth.
• Payroll tax waivers of 25% for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30% decline in turnover, as well as payroll tax deferrals and interest free repayment plans.
• No recovery of security bonds, or lockouts or evictions of impacted retail and commercial tenants prior to mediation.
Small businesses and not-for-profits:
Small businesses and not-for-profits will be eligible for the 2021 Small Business COVID-19 Support Grant if they:
• have fewer than 20 FTE (including non-employing businesses) as at 1 June 2021
• have an Australian Business Number (ABN) registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for a single ABN
• have total Australian annual wages below the NSW Government 2020-2021 payroll tax threshold of $1,200,000 as at 1 July 2020
• had an annual turnover of more than $75,000 for the year ended 30 June 2020
• have not applied for, or received, the Hospitality and Tourism COVID-19 Support Grant
• have business costs for which there is no other government support available.
Micro business: a micro business (small business or sole trader with annual turnover between $30,000 and $75,000) as at 30 June 2020/2021- We still need to get clarification from Service NSW whether the turnover as at 30 June 2020 or 2021 for eligibility criteria.
Get ready:To help avoid delays in completing your application:
• ensure your business and contact details are up-to-date with the Australian Business Register (ABR)
• ensure your personal, contact and business details are up-to-date in your MyServiceNSW Account and your business profile
• if you don’t have one, create a MyServiceNSW Account and business profile.
How to apply:
Applications for grants must be made through Service NSW, with the application process due to go live later in July 2021.
To apply, businesses will need to compare their turnover over a minimum two-week period after lockdown commenced, to a minimum two-week period in June and/or July 2019.
Businesses that were not operating in June/July 2019 may still be able to apply for the grants. These businesses should contact Service NSW to discuss their application.
Please note, you can apply the above grant from Service NSW, however, if you need our help, please let us know.