(www.nsw.gov.au – official information on COVID-19 support for small business by the NSW state government)
Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced today by Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope.
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.
The new fund is based on the hugely successful scheme rolled-out during the recent NSW bushfires, which provided $42 million to 4200 businesses within the first ten days of launching.
The scheme is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation.
These grants will provide a boost, and the government has said they will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs. The fund was designed to provide help fast and would benefit tens of thousands of businesses across NSW.
The structures are in place after the bushfires and you should expect to see this money rolling in the door shortly.
To be eligible, businesses will need to:
- Have between 1-19 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 as at 1 March 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;
- Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;
- Provide appropriate documentation upon application.
Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.
Published : 03 Apr 2020