The NSW Government has released additional details regarding the NSW Small Business Grant soon to be available for businesses impacted by the current lockdowns. The Federal Government has also released a Media Statement outlining additional small and medium business support payments, as well as expanding the COVID-19 Disaster Payments available to Individuals.
NSW Small Business Grants
Applications will open on July 19, 2021. To apply for these grants, you will need a MyServiceNSW Account and business profile.
If you are considering applying for a NSW Govt grant and you do not have a MyServiceNSW Account, we recommend you set this up as soon as possible to avoid delays in your application. Our office cannot set this up for you, however we can provide assistance by phone to help you do this should you require.
The grant remains available for businesses with turnover above $75,000, however the amount of the grant has been increased. Based on the decline in turnover experienced during the restrictions, the grant will now be:
- $7,500 for a decline of 30% or more
- $10,500 for a decline of 50% or more
- $15,000 for a decline of 70% or more.
While full eligibility criteria and decline in turnover parameters are still not yet available, Service NSW has indicated that 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.
For businesses with turnover between $30,000 to $75,000, an additional micro business grant has been announced of up to $1,500, which will be available from late July.
Federal Government Small and Medium Business Support Payments
Support will be available for entities with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover to an equivalent two week period in 2019. They must also maintain their full time, part time and long term casual staffing level as of 13 July 2021.
Eligible entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and maximum of $10,000 per week. For non-employing businesses such as sole traders, the payment will be $1,000 per week.
Businesses can register their interest from 14 July 2021 with Service NSW.
NSW Government has announced a deferral of July and August payroll tax until 7 October 2021, a new Stimulus Payment Arrangement and a 25% reduction in payroll tax for the 2021/22 financial year for eligible customers.
Further information on this will be provided by Revenue NSW by the end of August 2021.
COVID-19 Disaster Payments available to Individuals
The Federal Government offers support for Individuals who have been impacted by COVID-19 and have lost paid employment income. This assistance can be applied for via the Individual’s MyGov account.
Eligibility criteria applies (see link below) and this is currently being expanded by the Federal Government.
Further information on these support payments will be released in the coming days and we will provide further updates as this comes to hand.
Should you have any queries in the meantime, please do not hesitate to email or phone your regular DRB Group contact.