The NSW Government recently announced a new grants package to help tens of thousands of businesses and people across NSW impacted by the current COVID-19 restrictions. This includes regional businesses impacted by a loss of trade during the school holiday period.
WHAT'S ON OFFER?
A: If you're a business, sole trader or not-for-profit organisation who has been impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for up to $10,000 in grants from late July 2021. Grants can be used for business expenses such as rent, utilities and wages.
HOW MUCH IS AVAILABLE FOR MY BUSINESS?
A: Depending on the decline in turnover experienced during the restrictions, your business could be eligible for:
$5,000 for a decline of 30% or more
$7,000 for a decline of 50% or more
$10,000 for a decline of 70% or more
WHAT IS THE ELIGIBILITY CRITERIA?
A: The grants will be divided into 2 streams:
Small business COVID-19 support grant for businesses and sole traders with a turnover of more than $75,000pa but below the NSW Government 2020-21 payroll tax threshold of $1.2M, and must have fewer than 20 full time equivalent employees
Hospitality and tourism COVID-19 support grant for tourism or hospitality businesses with a turnover of more than $75,000pa and an annual Australian wages bill of below $10M
Full eligibility criteria has not yet been made available.
HOW CAN I APPLY?
A: Applications will be available via the NSW Service App or website from late July 2021. We will remind everyone as further information becomes available and when the application link is released.
As always, if you need a hand with your application or to decipher the small-business jargon, we are more than happy to help and look forward to hearing from you.
Your team at McCallum Partners
Sources:
Service NSW>Apply for a COVID-19 business support grant
NSW Government>COVID-19>Businesses and employment>Grants and loans>2021 COVID-19 Support Package