NSW COVID-19 Business Support UPDATE

Yesterday the NSW Government announced it will be offering financial support to businesses impacted by the COVID-19 restrictions and stay-at-home order.

What we know so far is that there will be three branches of support available.

If you are eligible, you may apply from Monday, 19 July 2021 via the Service NSW site. At this stage you can register your interest in the support packages to receive updates via the Service NSW site.

It is likely that your business may require assistance from an accountant in the form of an ‘accountant’s letter’ or review of your business turnover eligibility, but this detail has not been released yet. We will keep you in touch with new developments and the detail when they are available.

1. COVID-19 Business Grant

If you’re a business, sole trader or not-for-profit organisation impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $15,000 from 19 July 2021.

It is expected that the grant will be available to businesses and sole traders with a turnover of more that $75,000 per annum but below the NSW 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

The grant can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

Three different grant amounts will be available depending on the decline in turnover experienced during the restrictions:

• $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.

The decline in turnover test is likely to be a two week period since lockdown started on 26 June 2021 compared to the same 2-week period in the 2019 year.

Full eligibility details and criteria will be available soon.

2. Saving Jobs

A support program funded jointly by the NSW and Commonwealth governments to maintain employment of staff for small and medium businesses impacted by the current health restrictions.

3. Micro Business Grant

If you are a micro business (small business or sole trader with annual turnover of more than $30,000 and under $75,000) impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $1,500 from late July 2021.

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.