Stimulus Update For Small Businesses

Key Points

  • Small businesses with 20 or less employees who can prove a 75 per cent drop in turnover will be eligible for payments of $10,000.
  • Businesses who can prove a 50 per cent reduction in turnover will receive a $7,000 payment.
  • Businesses who experience a 30 per cent drop in turnover can get $5,000.
  • Revenue must be above $75,000 per annum, but not have taxable wages of more than $1.2m as at 1 July 2020.
  • For the Hospitality and Tourism sector, a COVID-19 Support Grant is available for 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
  • Extension of the Dine & Discover program to 31 August as well as the ability for people to use these vouchers for takeaway delivered.
  • Applications will be available for completion in late July 2021 through¬†Service NSW

Thousands of small businesses based in New South Wales will be eligible to receive COVID-19 support. NSW Premier Gladys Berejiklian said the centrepiece of the package was the small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

NSW Treasurer Dominic Perrottet said the small business grants would be available for sole traders and non-for-profit organisations, with expanded criteria to assist most hospitality and tourism operators hit hard by the restrictions during school holidays.

Those who have been left homeless from the lockdown will also receive $10.3 million in support, which will be provided to help rough sleepers find temporary accommodation.

If there is anything we can help clarify or assist you with, please reach out to one of your CharterNet engagement team or contact us here.