The NSW government has announced grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers and an extension of the Dine & Discover program as the state battles to contain the latest COVID-19 outbreak.
Small businesses across NSW will be able to access these grants in a new package aimed to help businesses survive the latest COVID 19 lockdown. Three different grant amounts will be 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. Payments will be available by July 19.
In addition to the grants, NSW Dine & Discover program will be extended to August 31 and the use of the vouchers will now be accepted for takeaway orders as long as that food is delivered.
Larger business will also benefit, with a number of state government taxes and charges deferred, with payments due later in the year.
How the grants work
The grants will be divided in to 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 2021-21 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 NSW. Full criteria will be made available on the Service NSW website in the coming days.
- 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 businesses must have an Australian businesses number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in NSW. Full criteria will be made available on the Service NSW website in the coming days.
Businesses will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June.
Please contact us if you require assistance in determining your eligibility for this grant or completing your application through Service NSW.