Lockdown Support for NSW Businesses
Is your business adversely impacted by the recent lockdowns in NSW?
The Federal and NSW Governments have confirmed support measures which could protect your business and save jobs.
- 2021 COVID-19 BUSINESS GRANT OF UP TO $15,000
The previously announced small business grants have been increased to up to $15,000 and expanded to eligible businesses (including not-for-profits and sole traders) with annual wages of up to $10 million. The value of the grant is determined by the impact of the lockdown on your turnover.
Your business will need to have a NSW registered ABN or be able to demonstrate it is physically located and primarily operating in NSW with a turnover of more than $75,000 per annum (for businesses under this threshold see $1,500 Micro Business Grants). Click here for more detailed information. Applications open on 19 July 2021 through ServicesNSW.
- CASHFLOW SUPPORT OF UP TO $10,000
A cash flow payment between a minimum of $1,500 and a maximum of $10,000 per week based on 40% of the NSW payroll payments of your business (including not-for-profits) is planned to be released. Businesses without employees that meet the eligibility criteria such as sole traders, will be able to access payment of $1,000 per week. The cash flow support will cease when lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed. Applications have not yet opened but you can register your interest from 14 July 2021 through ServicesNSW.
- $1,500 MICRO-BUSINESS GRANTS
A new grant for micro-businesses (including sole traders) providing $1,500 per fortnight while lockdown restrictions apply will be available from week one of the lockdown until restrictions are eased. To be eligible the business needs an annual turnover of more than $30,000 and less than $75,000, to demonstrate a 30% decline in turnover and be impacted by the current greater Sydney COVID-19 restrictions. Applications have not yet opened but you can register your interest from 14 July 2021 through ServicesNSW.
- PAYROLL TAX RELIEF
NSW payroll tax has been deferred for July and August 2021 until 7 October 2021 for all businesses. The due date for the 2020-21 annual reconciliation has also been deferred until 7 October 2021. Previous payroll tax deferrals and payment arrangements for 2020-21 due in July 2021 have not been deferred. Businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30% decline in turnover, will be provided with a 25% payroll tax waiver in 2021-22. Click here for more detailed information. Further details of the reduction will be available by the end of August from RevenueNSW.
- RENT PROTECTION AND GRANTS
Commercial and retail rent protections will be reinstated. Eviction moratorium and legislative amendments will be introduced shortly providing a short-term eviction moratorium for rental arrears where a residential tenant suffers the loss of income of 25% due to COVID-19 and meets certain other criteria. Commercial and retail landlords will need to attempt mediation before recovering a security bond, or locking out or evicting a tenant impacted by Public Health Orders.
- SPECIFIC SECTOR-BASED SUPPORT
The Arts Community and Accommodation Sector have released support packages. The Arts community will be provided with $75 million to provide support to organisations that were staging performances during the period of lockdown. This includes performing arts organisations with heavy reliance on box office income, including not-for-profit performing arts companies who were staging, or scheduled to
stage performances during the lockdown period, commercial producers and some live music venues. Organisations will need to provide evidence of performances scheduled, venues and average ticket prices. CreateNSW will open applications from 23 July 2021.
IF INTERESTED, HOW DO I GET READY?
You can also streamline the process of applying for business support by ensuring:
- Your business and contact details are up to date on the Australian Business Register
- Your personal and business details are up to date and you have a MyServiceNSW account with a business profile
HOW WILL I BE NOTIFIED?
To be notified when the above COVID-19 financial support programs are available, please complete the form below on the website:
If you are unsure how these economic updates will affect you personally, Roberts & Morrow’s experienced team is available to help – call our office today or email firstname.lastname@example.org.
**The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.