The NSW Government today announced a business support package of up to $10,000 to eligible businesses that have suffered turnover reductions as a result of state lockdowns. There will be three different grant amounts 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.
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.
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 business 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.
The government also announced payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself (Food must be delivered direct to the home by the restaurant or café and not picked up. Dine & Discover vouchers cannot be redeemed for takeaway using third party delivery platforms).
More information will be available shortly on the Service NSW website.
If you are looking for information on the available support for individuals during this lockdown, please refer to this link https://www.peerwealth.com.au/post/what-lockdown-support-is-available
Disclaimer: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.