NSW went into lockdown last week and the state government has announced support packages for all small businesses impacted by the lockdown. The two-week lockdown is said to bring a $2 billion blow to the economy, and so the government is ensuring that support is provided to those who will be suffering the most.
These packages offer more than just financial aid of between $5,000 to $10,000. It includes payroll tax deferrals for all employers as well as an extension of the Dine and Discover voucher scheme to the end of August. Also eligible for support are hotels and clubs whose payroll and gaming tax liabilities have been deferred until August.
Small businesses and sole traders will be eligible for the grant if they have:
- A turnover of more than $75,000 and payroll tax between $1.2 million.
- Fewer than 20 full-time employees.
- Account statements confirming a loss in revenue from the current time period as compared to July 2019.
As for the tourism and hospitality sector, businesses must have:
- A turnover of over at least $75,000 and an annual wages bill under $10 million.
- Account statements confirming a loss in revenue from the current time period as compared to July 2019.
Businesses will receive a payment of $10,000 if there is a reduction in turnover by 75% or more, a payment of $7,000 if the reduction is by 50-74% and a payment of $5,000 if the reduction is by 30-49%.
How to apply for the grants:
These funds are expected to be available from July 19, more information will be released by the NSW government in the coming weeks.
If you are finding it tough to manage finances and operations during these times, The Alternative Board can help you evaluate your circumstance, create a grant application and optimise your business. Get in touch now.
See service.nsw.gov.au for more information on how to apply for the grants.