NSW Business Support
Has your business been affected by the recent COVID outbreak? The Federal and NSW State governments have put together a series of measures to support businesses in NSW.
Various financial support packages have been announced over the last month & individuals, businesses & not-for-profit organisations that have been impacted can apply now.
Business Grants
Business Grants of up to $15,000 are available depending on your decline in turnover to cover the restrictions that have occurred to date.
The COVID-19 business grant programme will be open to NSW businesses who have less than $10 million in total wages at 1 July 2020 and aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2020.
The grant program will be administered by Service NSW, and businesses must prove they have suffered a decline in turnover over a minimum two-week period from 26 June 2021 to 26 July 2021 compared with the same period in 2019.
Three different grant amounts will be available depending on the decline in turnover experienced over a minimum 2-week period from 26 June 2021 to 17 July 2021, compared to the same period in 2019:
$7,500 for a decline of 30% or more
$10,500 for a decline of 50% or more
$15,000 for a decline of 70% or more.
As part of the eligibility requirements, a letter from us (a qualified accountant) will need to be provided to Service NSW, verifying the appropriate decline in turnover. Contact us today if you need assistance here.
You can apply through the following link:
https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant
Cashflow Boost Payments
The government is also looking to support businesses in retaining their staff through a “JobSaver” Cashflow Boost payment. These payments will be up to 40% of weekly payroll, with a payment between $1,500 up to $10,000 per week, provided staffing levels are maintained as of 13th July 2021. Non employing businesses are eligible for $1,000 per week.
Micro Businesses
In addition, a new grants program was announced for micro-businesses. If your business has a turnover between $30,000 and $75,000 and your turnover has reduced by 30%, you will be eligible for a $1,500 payment per fortnight of restrictions.
Talk to us about your situation if you think that your business has suffered as a result of the recent COVID restrictions.
Give us a call today on (02) 6942 4932.