The latest Covid wave has continued to cause disruption for many businesses and over the weekend, the NSW Government announced a new $1 billion support package for small to medium businesses to support business recovery in NSW.
As these announcements are new, the devil will be in the detail, but below is a high level review of what has been announced. We expect further details to follow shortly;
2022 Small Business Support Program (NEW)
Eligible businesses with a turnover of between $75,000 and $50 million that experienced a minimum 40% decline in turnover in January 2022, can apply for support through this program.
Employing businesses will be eligible to receive 20% of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses will receive $500 per week, paid as a lump sum of $2,000.
The 2022 Small Business Support Program is for the month of February only with businesses being able to apply through ServiceNSW from mid-February in 2022 with expected payment dates being 5 -15 days from application.
Further details are to be expected as to how the decline in turnover is measured together with other requirements.
Small business fees and charges rebates (EXPANSION)
The existing rebate will increase from $2,000 to $3,000 in late March 2022.
The small business fees and charges rebates can be used to pay fees and charges like:
-
- liquor licences
- tradesperson licences
- event fees
- outdoor seating fees
- council rates
- road user tolls for business use
- and now the cost of rapid antigen tests (RATs)
Businesses who have already registered for the rebate will receive an automatic top-up of $1,000 and newly registered businesses will receive a rebate of $3,000.
If you need to register through ServiceNSW click here.
Commercial Landlord Hardship Grant (EXTENDED)
Grants of up to $3,000 per month (GST inclusive) are available for eligible landlords who have provided rental waivers to affected tenants. This grant has now been extended until 13 March 2022.
Initial guidance is that landlords must have provided rent relief from 15 November 2021 to 13 January 2022. The applications are expected to be available from “early February”.
If you are a Landlord and wish to apply click here.
Performing arts package (EXTENDED)
With capacity limits in place and a ban on dancing and singing in many venues, Create NSW has extended the Performing Arts Relaunch Package from 14 February 2022 to 30 April 2022.
This package will provide funding to entities and performing artists in NSW that are continuing to be impacted by Covid-19 and are unable to access other financial support. This includes a one-off grant to Support Act to provide crisis relief to music workers in NSW who can’t work due to the impact of Covid-19.
For more information and to apply online click here.
Export Assistance Grant through Going Global support (REMINDER)
The Going Global package includes assistance grants for exporters, tailored workshops and opportunities to explore new markets. The Export Assistance Grants of up to $10,000 are available for up to 1,000 export ready or export capable NSW businesses until 30 June 2022.
To check if you are eligible and to apply with ServiceNSW click here.
COVID-19 TechVouchers for startups, scaleups and other businesses (REMINDER)
Applications need to be received before 10 February 2022 for a government co-contribution to accelerate commercialising products and services that address disruptions caused by the Covid-19 pandemic.
Click here to find out more and apply online.
As always, your usual Quantiphy contact is available to assist with any questions you may have in relation to these announcements so please reach out if you have any questions.
KEY FACTS
Small Business Support Program
- Includes support for eligible businesses that:
- had an aggregated annual turnover of between $75,000 and $50 million
- (inclusive) for the year ended 30 June 2021; and
- experienced a decline in turnover of 40 per cent or more due to Public Health Orders or the impacts of the Omicron COVID-19 strain during the month of January 2022, compared to January 2021 or January 2020; and
- experienced a decline in turnover of 40 per cent or more due to the impacts of the Omicron COVID-19 strain from 1-14 February 2022, compared to the same fortnight in February in the comparison year used for the above criterion; and
- maintain their employee headcount from the date of the announcement of the scheme.
- Eligible businesses will receive 20 per cent of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
- The 2022 Small Business Support Program is for the month of February. Businesses will be able to apply through Service NSW from mid-February.
Small Business Fees, Charges and RAT Rebate
- The rebate has been increased from $2,000 to $3,000. In addition, eligible employing small businesses will be able to use the rebate to cover half the cost of Rapid Antigen Tests (RATs).
- The funds can be used not only to offset the cost of RATs, but also other Government fees and charges such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use.
- Already registered businesses will receive an automatic top up of $1,000 and newly registering businesses will receive a rebate of $3,000.
Commercial Landlord Hardship Grant
- The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022.
- Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided.
- Program is expanded in 2022 to landlords who claimed the 2021 land tax relief.
- The Regulation prohibits certain actions by landlords (such as lock out or eviction) unless they have first renegotiated rent with eligible tenants and attempted mediation.
Performing Arts Package
This package provides financial support to relaunch the performing arts sector in line with the NSW Government roadmap to recovery, which has been extended to April 2022.
- To be eligible for funding, the applicant MUST be one of the following:
- An eligible venue (list published by Create NSW)
- A producer of an eligible performance scheduled to perform at one of the eligible venues
- A promoter of an eligible performance scheduled to perform at one of the eligible venues.
- Eligible venues have been identified through sector-wide consultation, review of online marketing material of venues, and through assessment of tickets on sale through major ticket selling agencies
- Eligible performances must be evidenced by marketing collateral (website, social media etc) and have ticket sales managed through one of the eligible ticketing systems (list published by Create NSW)
- Funding is then provided to eligible performances staged between 19 September 2021 to 30 April 2022
- The funding amount per performance will be calculated using a formula of average ticket price multiplied by the number of tickets available for sale (capped at 10,000) and a specified percentage (“Agreed Percentage”) as detailed below (up to a maximum of $12.5m).
