Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced by Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope.
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.
The application process should be fairly simple, and its intention is to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs. The grants will benefit tens of thousands of businesses across NSW including cafés, restaurants, corner shops, gyms accommodation providers as well as many other small businesses.
To be eligible, businesses will need to:
- have between 1-19 employees and a turnover of more than $75,000
- a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000
- have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020
- be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020
- use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice
- provide appropriate documentation upon application.
Eligible industries are those that have been subject to closure or are highly impacted by NSW Government health directions in relation to COVID-19 and include:
- Retail trade
- Accommodation and food service
- Rental, hiring and real estate services
- Administrative and support services
- Arts and recreation services.
Applications for a small business grant of up to $10,000 will be available through Service NSW (external link) The application form will be available on the Service NSW website by 17 April and remain open until 1 June 2020.
As always please do not hesitate to contact us to review your situation and determine what action is required. We can be reached, as always on our office number (02) 4958 1829 or at email@example.com.