Lockdown Financial Support Package for Business
Business NSW (the peak body of NSW Chambers of Commerce) has provided the following advice to businesses on the lockdown financial support package just announced by the NSW Government. Further details will be available on the Service NSW website in the coming days.
Financial Support for NSW Businesses
A short time ago, the Premier and Treasurer announced a rescue package for NSW businesses impacted by the current lockdown. Business NSW has been working with the Government on this initiative since the lockdown was confirmed on Saturday, and by using the real experiences of our members, we were able to demonstrate the widespread need for a quick turn-around for this package.
This is well timed and aimed at helping businesses through the COVID lockdown. For small businesses of 20 or fewer employees including sole traders, they’ll be eligible for grants of either $5000, $7000 or $10,000,depending on the nature of the loss in turnover they can demonstrate. A tourism or hospitality related business can claim the grants if its turnover is less than $10 million each year. This will be one of the fastest and largest business support packages from any state in Australia in response to the pandemic.
Larger businesses haven’t been ignored either, with a number of State Government taxes and charges deferred, with payments due later in the year. In simple terms, non-Payroll Tax paying businesses who have suffered as a result of the lockdown can access a grant and have that in their account by mid to late July. This package is based on what was used on the Northern Beaches following the shutdown over Christmas and takes into account feedback from the Small Business Commissioner, impacted businesses and local chambers of commerce. Application for the grants will be via Service NSW and be available in coming days.