From tomorrow, eligible NSW businesses, sole traders and not-for-profit organisations will be able to apply for up to $15,000 from the first of the NSW Government’s economic support packages: The 2021 COVID-19 Business Support Grant.
Applications for the second tranche of assistance, which includes the Micro Business Support Grants and the JobSaver program, will open from Monday, July 26.
Treasurer Dominic Perrottet said over $4 billion had been directed by the NSW Government to where it is needed most to help families and businesses during this difficult time.
“From the outset of the pandemic we’ve always said we would do whatever was necessary to protect people and jobs and this suite of measures will do exactly that,” Mr Perrottet said.
“These programs will provide timely and targeted support for businesses to help them with much needed cash flow, maintain employees and provide relief for business expenses, for which no other government support is available.
“We’re committed to keeping businesses in business, and people in jobs which is why we’re providing tax-free grants of between $7,500 and $15,000 to help alleviate some of the economic pressures being faced during the current COVID-19 lockdown.”
The 2021 COVID-19 Business Support Grant will be available to NSW businesses that have a turnover of more than $75,000 and up to $50 million, and have a total annual wages bill of below $10 million.
Businesses can expect to start receiving funds from the Business Support Grant from the end of July.
Eligible businesses for the 2021 COVID-19 Business Support Grant will receive:
- $15,000 for a decline in turnover of 70 per cent, or more;
- $10,500 for a decline in turnover of 50 per cent, or more;
- $7,500 for a decline in turnover of 30 per cent, or more.
Minister for Digital and Minister for Customer Service Victor Dominello said the digital application process would be available for business owners through Service NSW.
“The digital architecture is already in place to deliver these grants into the bank accounts of the businesses in need as quickly and as seamlessly as possible,” Mr Dominello said.
“Applying businesses will use the same quick and easy online application tool as previous grants, which saw 97 per cent of users give the process a thumbs up.”
Minister for Finance and Small Business Damien Tudehope said small businesses were the backbone of the State’s economy, representing more than 98 per cent of businesses in NSW.
“It’s imperative that every effort is made to safeguard our businesses, no matter the size; we want to keep businesses thriving, whilst keeping our community safe”, Mr Tudehope said.
“From Monday, businesses, sole traders or not-for-profit organisations across NSW impacted by the public health restrictions may be eligible for grants of up to $15,000.”
From July 26, the Micro Business Support Grant will be available for eligible businesses with a turnover of between $30,000 and $75,000 that experience a decline in turnover of 30 per cent or more. Eligible businesses will receive $1,500, tax-free, per fortnight of restrictions.
In addition, the joint NSW Government and Commonwealth JobSaver program will help small and medium businesses retain staff.
Eligible businesses with a turnover from $75,000 and up to $50 million who maintain their staff headcount will receive tax-free fortnightly payments of 40 per cent of their weekly payroll, with a minimum payment of $1,500 per week, and a maximum payment of $10,000 per week. Eligible non-employing businesses will receive $1,000 per week. These payments will also be made fortnightly.