NSW Small Business Support in February
As the impacts of the surge in Omicron cases catch up with many small businesses around NSW, the premier announced a Small Business Support package that was made available this month. It’s worth more than $1 billion, and applications opened mid-February.
If your business fits the criteria below, we encourage you to apply soon.
Businesses and not-for-profit organisations that are eligible will receive 20% of their weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week up to a maximum payment of $5,000 per week.
Eligible non-employing businesses will receive $500 per week, which will be paid as a lump sum of $2,000.
The support also includes partially reimbursing businesses that have been providing Rapid Antigen Tests (RATs) to workers, and extending the Commercial Landlord Hardship Grant. There is also additional funding for the performing arts sector. Treasurer Matt Kean believes it is vital that NSW businesses receive support to stay viable, commenting that “as we continue to protect the health and safety of our community, we have to ensure our economy is resilient and our businesses are supported so they bounce back from this most recent phase of the pandemic.”
To find out if your SME is eligible for this package, we’ve included the details below.
- Do you have a business or not-for-profit organisation with a turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021 or the year ended 30 June 2020?
- Have you experienced a decline in turnover of 40% or more due to public health orders or the impacts of Omicron during the month of January 2022, compared to January 2021 or January 2020?
- Have you experienced a decline in turnover of 40% or more due to the same impacts above from 1 to 14 February 2022, compared to the same fortnight in February in the comparison years used above?
- Have you maintained your employee headcount as of 30 January 2022?
Deputy Premier and Minister for Regional NSW Paul Toole said “our regions have felt the impacts of Omicron, and it’s critical we give them a helping hand to recover and get local economies humming again. This package shows that the NSW Government continues to have the back of residents and businesses in the bush, with practical measures to ensure they keep their workers safe and businesses open.”
If you’re unsure whether your business is eligible, feel free to contact us with any questions.
Service NSW has provided further information, with a link to apply.
Applications will close on 31 March 2022.
IMPORTANT NOTICE
This blog post contains general information only and has been prepared by Allworths without reference to your objectives, financial situation or needs. Allworths cannot guarantee the accuracy, completeness or timeliness of the information contained here. By making this information available to you, we are not providing professional advice or recommendations. Before acting on any of the information contained here, you should seek professional advice.
