The NSW government has announced grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers and an extension of the Dine & Discover program as the state battles to contain the latest COVID-19 outbreak.
The NSW government is offering small businesses support grants to help alleviate cash flow constraints while trading is restricted, targeted particularly at sole traders and non-for-profit organisations, with expanded criteria to assist most hospitality and tourism operators.
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 per cent decline, $7,000 for a 50 per cent decline and $5,000 for a 30 per cent decline.
Dine & Discover vouchers will also be extended until 31 August and can now be used at takeaway venues, so long as that food is delivered and not picked up.
How the Grants work:
The Grants will be divided into two streams:
- Small Business COVID-19 Support Grant. Available to businesses and sole traders with a turnover of more than $75,000 per annum but below the NSW government 2020–21 payroll tax threshold of $1,200,000 as at 1 July 2020.
These businesses must have fewer than 20 full-time equivalent employees and an Australian business number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. Full criteria will be available in coming days on the Service NSW website.
- 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 Australian wages bill of below $10 million, as at 1 July 2020.
These businesses must have an Australian business number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. Full criteria will be available in coming days on the Service NSW website.
Businesses will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June.
That’s all we know at this stage but suggest you regularly check the Services NSW website if you believe you may be eligible.
As with previous NSW COVID-19 assistance packages we encourage you to self-assess eligibility and then apply yourself and we will supply anything required as part of the application process.
Please contact us if you require any assistance with these matters.
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