Has your business taken a hit?
Small business in NSW that have taken a massive hit to their turnover will be eligible for a cash injection of up to $10,000, by mid-late July 2021.
A short time ago, Dominic Perrottet, 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.
Businesses with less 20 employees or fewer, who can prove a reduction in revenue, will be entitled to a grant paymnet as follows:
- 70 percent reduction in turnover will recieve a $10,000 payment
- 50 per cent reduction in turnover will receive a $7,000 payment
- 30 per cent drop in turnover will receive a $5,000 payment
Payments will also be available to the tourism, hospitality and accommodation sectors that have payrolls of up to $10 million, as well as sole traders and not-for-profit organisations.
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.
Application for the grants will be via Service NSW and be available in coming days. As soon as more information is available, we will let you know.
We recommend getting your accounting systems up to date so that once applications open, your data is up-to-date and ready to report to Service NSW.
In the meantime if you need any support or have any questions, please contact our office. We are here to support you in any way we can.
Suzanne and Clear Path Accounting team.