Thousands of small businesses will receive $10,000 under a new assistance scheme announced by Premier Gladys Berejiklian on 3 April 2020. The NSW Government will put $750 million into the Small Business Support Fund in a third wave of support to keep small businesses afloat.
“These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs“ Ms Berejiklian said.
To be eligible, businesses will need to:
be based in NSW and be a small business ( as per the guidelines for the scheme )
be registered with an ABN as at 1 March 2020
have an annual turnover of more than $75,000
employ 1-19 full-time workers as at 1 March 2020
be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
have been highly impacted by Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 effective on 31 March 2020
have experienced at least 75% decline in turnover compared to the same two-week period in 2019, as a result of COVID-19 (for businesses that have been in operation for less than 12 months, refer to the guidelines)
have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.
If your business is not in one of the highly impacted industries (as listed in the guidelines) but you can demonstrate a significant disruption to your business resulting in a 75% reduction in turnover as a result of the Public Health Order 2020, you may be eligible for this grant. You will require a letter from your accountant confirming you meet a number of criteria
If you are a sole trader and you do not employ staff, unfortunately you are not eligible for this assistance.
Applications for the small business grant of up to $10,000 are available through Service NSW via the following link and remain open until 1 June 2020 www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant
More information on the announcement is available here
Detail of the guidelines are available at Service NSW via this link
For more information please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au