NSW Business Support Package Expanded
The NSW Government’s business grants program announced two weeks ago has been expanded to acknowledge the impact to regional businesses of the Sydney lockdowns.
A new grant program has also been introduced for smaller micro businesses with turnover between $30,000 and $75,000.
The NSW Government will also cover disaster recovery payments for areas outside the Commonwealth declared hotspot from week four of the NSW lockdown.
Businesses will benefit from payroll tax waivers of 25 per cent for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover.
The package has three key aims – protecting business, saving and keeping jobs through the lockdown and ensuring people had support during an uncertain and difficult time.
The 2021 COVID-19 package includes:
- A cash boost for businesses across NSW with an annual turnover of between $75,000 and $50 million which can demonstrate a 30% reduction in this turnover during lockdown. The cash boost will be 40% of weekly payroll with a payment amount between $1500 to a maximum of $10,000 a week from week 4 onwards, provided staffing levels are maintained,
- $1500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income,
- A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million,
- Increase in the payment amount for stood down workers from $500 to $600 a week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of Sydney lockdown areas,
- Several provisions around residential, commercial and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction, and
- $5.1 million in NSW funding to support mental health.