What does the NSW COVID-19 Business Support Package include?
The previously announced grants program has been expanded to include grants between $7,500 to $15,000 available to eligible businesses with gross annual wages up to $10 million. These businesses can claim grants to cover the first three weeks of restrictions.
Starting at week 4 of the lockdown, eligible entities will receive 40 per cent of their NSW payroll payments, at a minimum of $1,500 to a maximum of $10,000 per week. Businesses will be eligible for these grants if their turnover is 30 per cent lower than for the equivalent two-week period in 2019.
A new grant program has been launched for micro businesses with an annual turnover between $30,000 and $75,000, experiencing a decline in turnover of at least 30 per cent. These businesses are eligible for a $1,500 payment per fortnight of restrictions.
To be eligible for these payments, businesses will need to maintain their full-time, part-time and long-term casual staffing as of 13 July 2021.
Non-employing businesses, such as sole traders, can receive a payment of $1,000 per week.
In addition, a 25 per cent payroll tax waivers for businesses with Australian wages between $1.2 million and $10 million that have experienced at least a 30 per cent decline in turnover. Payroll tax deferrals and interest-free repayment plans are also being offered for these businesses.
Other key parts of the COVID-19 Business Support include:
- No recovery of security bonds, or lockouts or evictions – before mediation – for retail and commercial tenants.
- Land tax relief equal to the value of rent reductions provided to financially distressed tenants by commercial, retail and residential landlords up to 100 per cent of the 2021 land tax year liability.
- A support package for the accommodation sector worth $26 million.
- Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2022.
- A $75 million support package for the performing arts sector.
Businesses that have been impacted by the restrictions can apply from 19 July 2021.
More details on the support programs and information on how to apply are available from Service NSW.