UPDATED: NSW Small Business COVID-19 Support Grants up to $10,000 are here
[UPDATED] Following the annoucement that the NSW lockdown will continue through 29 August 2021, it has been announced that the NSW Small Business COVID-19 Support Grants will now be expanded to be available to business whose annual turnover is between $75,000 and $250 million. Grants of up to $100,000 are now available. There are separate grants for micro businesses making an annual turnover between $30,000 and $75,000.
Links to Business Support Grant and Micro Business Support Grant information:
[UPDATED] Professional Beauty magazine has confirmed with a Treasury Spokesperson that the NSW Government is looking to expand the current Small Business COVID-19 Support Package to cover micro businesses with turnover of less than $75,000 a year.
Our Treasury contact says “The NSW Government is looking at expanding the current assistance package for businesses impacted by COVID-19 restrictions to include businesses and sole traders with less than $75,000 annual turnover. The existing package announced last Tuesday offers grants of between $5000 and $10,000 for businesses who suffer a loss of trade of between 30 and 70 per cent but under existing guidelines they must have a turnover of at least $75,000 per year.
Small businesses with a turnover of less than $75,000 can apply for the $1500 Small Business Fees and Charges Rebate Scheme, which allows small businesses to claim a rebate for any eligible State and local government fees, charges or licences. The rebate is available until 30 June 2022. To apply and for more information, including the program guidelines, visit https://www.service.nsw.gov.au/small-business-fees-and-charges-rebate
NSW businesses experiencing hardship are encouraged to make an appointment with a Service NSW Business Concierge to discuss support options on 13 77 88.”
[Original article, 25 June 2021, 11:53am] Business NSW just announced that the state government of New South Wales has been working on a financial support package for small businesses since Saturday, one day after the current lockdown was announced. Payments from the centerpiece of this package, the Small Business Covid-19 Support Grant, will hit bank accounts of small business owners as early as July, says Business NSW, depending on how quickly applications are filed. The ABC says they’ll be received as early as 19 July.
The package has been announced by the Premier and Treasurer as the lockdown begins to dramatically hit the bottom line of business owners. “The package is particularly well targeted and will start to hit the accounts of business owners from next month,” said Business NSW Chief Executive Daniel Hunter. “Business NSW has been working with the Government on this initiative since the lockdown was confirmed on Saturday, and by using the real experiences of our members, we were able to demonstrate the widespread need for a quick turn-around for this package,” Mr Hunter said.
Premier Gladys Berejiklian said the centrepiece of the package was the small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available. “We always said we will do whatever it takes to support businesses and keep people in jobs during the pandemic and that is exactly what we are doing,” Ms Berejiklian said.
This is particularly pertinent to beauty businesses who often suffer the steepest decline in revenues during lockdowns and are majority micro and small businesses and sole proprietorships.
HOW BIG ARE THE GRANTS?
Grants of $5,000, $7,000 and $10,000 are available, depending on the nature of the loss in turnover that can be demonstrated.
Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions – $10,000 for a 70 per cent decline, $7,000 for a 50 per cent decline and $5,000 for a 30 per cent decline.
WHO CAN APPLY?
Small businesses of 20 or fewer employees, sold traders and non-for-profit organisations with a turnover of more than $75,000 per annum but below the NSW Government 2020-21 payroll tax threshold of $1,200,000 as at 1 July 2020. (There is a separate grant for the travel and hospitality industry.)
These businesses must have fewer than 20 full time equivalent employees and an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. (Full criteria will be available in coming days on the Service NSW website).
“In simple terms, non-Payroll Tax paying businesses who have suffered as a result of the lockdown can access a grant and have that in their account by mid to late July.
“This package is based on what was used on the Northern Beaches following the shutdown over Christmas and takes into account feedback from the Small Business Commissioner, impacted businesses and local chambers of commerce…. We all want this lockdown to be over as soon as possible, so businesses can get back to doing what they do best, employing people and supporting their local communities,” Mr Hunter said.
Unlike the COVID-19 Disaster Payment, you do not have to be in a hotspot to apply for this grant, you just have to demonstrate a loss of turnover during the lockdown period.
WHERE AND HOW CAN I APPLY?
Businesses will be able to apply for the grants through Service NSW from 19 July 2021 and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on June 26.
More information on the NSW Small Business COVID-19 Support Grant will be available on the Services NSW website as it is announced.
—
Read the current issue of our digital magazine here:
For more news and updates, subscribe to our weekly newsletter.
—
Have an idea for a story or want to see a topic covered on our site and in our pages? Get in touch at info@professionalbeauty.com.au.