Small businesses across NSW struggling with COVID-19 shutdowns will receive grants of up to $10,000 under a new assistance scheme announced by the NSW government last week.
Many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply.
The $750 million Small Business Support Fund is the third wave of support measures to keep small businesses afloat, says the government.
Applications for the grants will be available through Service NSW, ‘within a fortnight and remain open until June 1, 2020’.
It comes as the federal announced on Tuesday new tenancy codes for commercial renters and landlords aimed at preserving leases.
To be eligible for the Small Business Support Fund, businesses will need to have between one and 19 employees, and a turnover of more than $75,000; a payroll below the NSW government 2019-20 payroll tax threshold of $900,000; have an Australian Business Number (ABN) as of March 1, 2020, be based in NSW and employ staff as at 1 March 2020; be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020 (eg those businesses required to close); use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice; and provide appropriate documentation upon application.
In addition to federal assistance, other NSW State business assistance packages already announced include, ‘more than $5 billion in payroll tax waivers, deferrals and other tax deferrals; a $1 billion Working for NSW fund to create jobs; $700 million in additional funding for the health system; $250 million to bring forward capital works and maintenance on public assets; $500 million to bring forward capital works, maintenance and shovel ready infrastructure projects; $80 million to waive a range of fees and charges; and $80 million to help the vulnerable through a range of measures’.
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