The NSW government will be providing individual payments to small businesses with up to 20 fulltime employees or having payrolls up to $1.2m with turnover of $75,000 a year, and that includes sole traders and not-for-profits. Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions - $10,000 for a 70 per cent decline, $7000 for a 50 per cent decline and $5000 for a 30 per cent decline.
(photo:RNZ)
NSW treasurer Dominic Perrottet, announcing a support package for NSW businesses affected by the latest Covid-19 lockdowns, said the amount of funding that a business receives would depend on how much was lost due to the stay-at-home orders.
The grants will be available to small businesses, sole traders and not-for-profits, with:
A turnover of more than $75,000 but below the payroll tax threshold of $1,200,000
Fewer than 20 full-time employees
An accountant statement that confirms a loss in revenue for the time period compared to the same time in July 2019
There will be a payment of $10,000 if there is a turnover reduction of 75%. A turnover reduction of 50% will qualify for a $7,000 payment and a turnover reduction of 30% is eligible for a $5,000 payment.
Payroll tax deferrals will also be available to all businesses.
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.
“We always said we will do whatever it takes to support businesses and keep people in jobs during the pandemic and that is exactly what we are doing,” Berejiklian said.
“The current restrictions are in place to protect people and keep the community safe, unfortunately businesses continue to incur costs such as rent, power and lost produce, and this will go some way to lessening that financial pain.”
