On Tuesday, the government announced a range of business support grants for businesses effected by the latest COVID-19 lockdown in NSW. These include:
- Small business support payments (salary support)
- COVID business support grants
- Micro business support grants program
- Payroll tax waivers
- Commercial landlord support
- Deferral of gaming tax assessment
Small and medium business support payments
Businesses with a turnover that is 30 per cent lower than an equivalent two weeks in 2019 will receive between $1,500 and $10,000 per week. Eligible entities will receive 40 per cent of their NSW payroll payments, at a minimum of $1500 and a maximum of $10,000 per week. For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week.
The new small to medium business support payment will be available to non-employing and employing entities in NSW, including not for profits, with an annual turnover between $75,000 and $50 million. To receive the payment, entities will be required to maintain their full time, part time and long term casual staffing level as of 13 July 2021.
Businesses can register their interest from 14 July 2021 at Service NSW and the application form will be available from 19 July. The assistance will cease when current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed.
COVID business support grants
Eligible Businesses, sole traders or not-for-profit organisations with Australian wages below $10 million, who have been impacted by the current Greater Sydney COVID-19 restrictions, may be able to apply for a grant of between $7,500 and $15,000 to cover the first three-weeks of restrictions. These will be available from 19 July 2021.
The grant can be used for business expenses such as rent, utilities and wages, for which no other government support is available.
Three different grant amounts will be available depending on the decline in turnover experienced during the restrictions:
- $7,500 for a decline of 30% or more
- $10,500 for a decline of 50% or more
- $15,000 for a decline of 70% or more.
Full eligibility criteria will be available soon.
Micro business support grants program
A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1,500 payment per fortnight of restrictions.
Payroll tax waivers
Payroll tax waivers of 25 per cent for businesses with Australian wages bills of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans.
Commercial landlord support
Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100 per cent of the 2021 land tax year liability.
Deferral of gaming tax assessment
Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2022.
If you have any questions relating to the business support grants available or want to speak to our expert staff, please feel free to call us on (02) 9425 0500 or book an appointment directly into our diary.