Business Sydney believes the NSW Government's targeted financial assistance package is vital to help keep businesses trading and people in jobs through this lock down period, especially for those in Sydney's CBD.
"Many businesses in the hospitality, retail and tourism sectors were still struggling due to the ongoing downturn in foot traffic and loss of international visitors, and this funding will assist them to pay expenses including rent utilities and wages and survive this lock down," said Damian Kelly, Acting Executive Director of Business Sydney.
"This assistance package means small businesses with 20 or fewer employees including sole traders will be eligible for grants of either $5000, $7000 or $10,000, with tourism or hospitality related businesses able to claim the grants if their turnover is less than $10 million a year.
"In addition, the popular Dine & Discover voucher program has been extended until August 31 and these vouchers will be able to be used for takeaway delivered directly to people's homes by the venue itself.
"In Sydney's CBD, prior to Covid, there were half a million people employed in over 23,000 CBD businesses, including 5,500 in visitor accommodation and another 9,500 in food and beverage services so many thousands of Sydneysiders and their families will benefit from this funding.
"Sydney's CBD is the state's engine room, contributing more than $130 billion to the economy prior to Covid, with Greater Sydney adding over $460 annually to state GDP, representing around a quarter of Australia's GDP, so it's vital we keep businesses afloat.
"The future of many hospitality businesses and their employees will depend on receiving this financial assistance from next month in order to get through these difficult times.
"Business Sydney applauded the government's many initiatives announced in the NSW budget to revitalise the CBD, but with them currently unable to be put into practice due to the lockdown, urgent alternative financial assistance was needed to save the many jobs at risk.
