Small businesses across NSW may be able access to grants of between $5,000 and $10,000 due to the COVID lockdown. These grants can be used for expenses such as rent, utilities and wages in order to help small businesses survive the latest lockdown. This is in addition to the Dine and Discover program being extended to the 31st of August, which are to encourage people to still go out and spend money at small businesses.
Small Business COVID-19 Support Grant
This grant is available to businesses and sole traders that have a turnover of more than $75,000 per year, but below the NSW payroll tax threshold of $1,200,000. These businesses must have fewer than 20 full-time employees and have a registered ABN in NSW or be able to prove that they are physically located in NSW.
Hospitality and Tourism COVID-19 Support Grant
This grant is available to businesses in the tourism and hospitality industry that have a turnover of more than $75,000 and an annual Australian wages expense of less than $10,000,000. These businesses must also prove that they have a registered ABN or be able to demonstrate that they are physically located in NSW.
Amounts to be paid
The grants to be given are based on what percentage of turnover is lost due to the lockdown as follows:
- 70% decline in turnover $10,000 grant
- 50% decline in turnover $7,000 grant
- 30% decline in turnover $5,000 grant
The full criteria and guidelines for these grants will be available on the Service NSW website in the coming days.
For more information or assistance please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au