Since the implementation of COVID-19 restrictions and, in particular since the New South Wales lockdown commenced in late June 2021, many businesses have found it difficult to continue operations. Likewise, many individuals have been left struggling to make ends meet Yesterday the Government announced a Small Business Relief Package to assist Small Businesses in managing this difficult time together with other financial assistance and incentives to support individuals.
From 19 July 2021, Eligible Businesses may be able to access Small Business grants and payments.
Eligibility Impacted Business
- Must have an annual turnover of between $30,000 and $75,000 per annum; and
- Need to demonstrate a 30% decline in turnover than an equivalent two week period in 2019 (at this stage this appears to be any two week period).
- For businesses with employees, there is a requirement to maintain full time, part time, and long-term casual staffing level as of 13 July 2021;
For Small Businesses with employees, your Small Business may be eligible to apply for a $1500 payment per fortnight of restrictions from late July.
From the fourth week of lockdown, Small businesses with an annual turnover of between $75,000 and $50 million can apply to receive 40% of the New South Wales payroll payments, at a minimum of $1500 and a maximum of $10,000 per week.
For businesses who do not have employees, such as sole traders, the grant will comprise of a fixed payment of $1000 a week.
With respect to individual employees, from the fourth week of lockdown, the COVID-19 disaster payment will increase from $500-$600 each week if a person has lost 20 hours or more of work a week or $325-$375 a week if a person has lost between eight and 20 hours of work.
The Federal Government will also offer “administrative relief” to NSW Taxpayers, including reduced payment plans for money owed to the Federal Government and there will be no interest charged on late payments.
Incentives for Residential Landlord’s
The NSW government will separately offer incentives for residential landlords to reduce rent for affected tenants and a 60-day eviction moratorium for people who fail to pay their rent after losing at least 25 per cent of their income due to COVID-19.
Regular updates on these grants, including any changes made businesses and individuals will be made by service New South Wales, and both businesses and individuals are able to register for regular updates online.
Should you have any questions or require any further assistance, please do not hesitate to contact us.
Written by Amelia Hatton.