Support Available for Individuals and Businesses in NSW

 

You may have seen on the news some grants have been announced for those in NSW affected by recent COVID-19 restrictions. While the details on eligibility for these grants are yet to be fully released, here is the information available.

2021 COVID-19 Business Grant – Current Details as of 20/7/21

If you’re a business, sole trader or not-for-profit organisation in NSW and you’ve been impacted by the recent COVID-19 restrictions, you may be eligible for a one-off grant of $7,500, $10,500 or $15,000.

To be eligible for the grant, you must:

· have an active Australian Business Number (ABN)

· demonstrate your business was operating in NSW as at 1 June 2021

· have had total annual Australian wages of $10 million or less as at 1 July 2020

· have had an annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020 · have business costs for which there is no other government support available

· maintain your employee headcount as at 13 July 2021.

 

Three different grant amounts will be available depending on the decline in turnover experienced over a minimum 2-week period from 26 June 2021 to 26 July 2021, compared to the same period in 2019:

· $7,500 for a decline of 30% or more

· $10,500 for a decline of 50% or more

· $15,000 for a decline of 70% or more.

Businesses and not-for-profit organisations on the NSW border with Victoria impacted by the stay-at-home orders that began on 27 May 2021 may use a different comparison period to demonstrate a decline in turnover. For each of the 3 grant amounts, these businesses must demonstrate a decline in turnover over a minimum 2-week period from 27 May 2021 to 26 July 2021.

Applications are now open, and as part of this application you are required to provide an accountant letter – we of course can help you get this sorted!

 

Cashflow Support/JobSaver for Employers – Current Details as of 20/7/21

A fortnightly cashflow payment between $1,500 and $10,000 per week will be available, based on 40% of the NSW payroll payments of your business.

 

To be eligible, your business needs to have the following:

· Annual turnover between $75,000 and $50 million

· Demonstrate a 30% decline in turnover

· Maintain your full time, part time and long term casual staffing level as of 13 July 2021

· Impacted by the current Greater Sydney COVID-19 restrictions

 

Cashflow Support for Sole Traders – Current Details as of 20/7/21

Businesses without employees that meet certain eligibility criteria (such as sole traders) will be able to receive a fortnightly payment of $1,000 per week.

 

To be eligible, your business needs to have the following:

· Annual turnover between $75,000 and $50 million

· Demonstrate a 30% decline in turnover

· Maintain your full time, part time and long term casual staffing level as of 13 July 2021

· Impacted by the current Greater Sydney COVID-19 restrictions

 

Micro Business Grant – Details Still To Be Released as of 20/7/21

For both Business grants, we recommend the following to prepare:

  • Ensure business details are up to date with the Australian Business Register
  • Create a My Service NSW account and ensure your personal, contact and business details are up-to-date

For Individuals who have lost employment income