30 Jun COVID SUPPORT GRANTS – NSW SMALL BUSINESSES
Tens of thousands of small businesses across NSW will be able to access grants of between $5000 and $10,000 in a new package aimed to help businesses survive the latest COVID-19 lockdown.
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.
The amount a small business can receive will depend on the percentage of turnover a business has lost during the lockdown.
Small businesses who experience a 70 per cent decline in turnover can access $10,000, those who have experienced a 50 per cent decline can access $7000, and those who have experienced a 30 per cent decline can access $5000.
The payments will be available by July 19.
NSW Small Business COVID-19 Support Grant Explained:
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 July 1, 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.
Full criteria will be available in coming days on the Service NSW website.