Along with the assistance the Australian Government has announced you may be eligible for assistance from your State or Territory Government.
The NSW Government has announced financial support mechanisms to help businesses impacted by the recent COVID-19 restrictions and stay-at-home orders.
Premier Berejiklian announced several measures in partnership with the Federal Government to provide much needed cash injections for our State’s struggling businesses. These measures include:
Employee Support
Residents in NSW affected by the lockdown will be eligible for payments of up to $600 a week as part of a major new support package.
Prime Minister Scott Morrison and NSW Premier Gladys Berejiklian announced the payments on Tuesday afternoon following discussions with state treasurers over the weekend, amid NSW’s worsening COVID-19 crisis.
Residents currently receiving $500 in the COVID-19 disaster payments will see their payments increased to $600, while those receiving $325 will now be eligible for $375 a week.
As before, the higher payment is open to those who lost more than 20 hours of work in a week, while the lower payment is for those who lost between eight and 20 hours.
These payments will kick in from the fourth week of a lockdown, and will now be available to residents across NSW – regardless of whether they reside in a hotspot, provided they meet the other eligibility criteria.
Rent relief
NSW renters will be offered protection from being evicted as the locked down state battles to contain the COVID-19 outbreak.
Announced on Tuesday as part of the state’s COVID-19 economic support package, renters who lose more than 25 per cent of their income will be offered a 60-day eviction moratorium for their rental arrears.
This means between now and 11 September, tenants who can’t pay their rent in full can’t be evicted.
COVID-19 Business Grant
If you’re a business, sole trader or not-for-profit organisation impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $15,000 from 19 July 2021.
The grant can be used for business expenses such as rent, utilities and wages, for which no other government support is available.
Three different grant amounts will be available depending on the decline in turnover experienced during the restrictions:
- $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.
Full eligibility criteria will be available soon.
Businesses can register their interest from 14 July 2021 by clicking here (https://www.service.nsw.gov.au/covid-19-business-support-2021)
Saving Jobs Grant
A support program funded jointly by the NSW and Commonwealth governments to maintain employment of staff for small and medium businesses impacted by the current health restrictions.
Support payments will be issued from week four of the lockdown. You may be eligible for between $1,500 to $10,000 a week based on the level of your payroll (40% of payroll costs), provided that you:
- Have an annual turnover of between $75,000 and $50 million
- Can demonstrate a 30% decline in turnover compared to an equivalent two-week period in 2019
- Maintain full time, part time and long-term casual staff levels as of 13 July 2021
The support payments are based on 40% of payroll costs (gross salaries). By way of example, if your payroll costs (gross salaries) for the week are $12,000, then the support payment will be $4,800 ($12,000 x 40%).
For sole-traders and other non-employers, the rate will be $1,000 a week.
Our understanding at this point is that payments will be made on a fortnightly basis.
Businesses can register their interest from 14 July 2021 by clicking here (https://www.service.nsw.gov.au/covid-19-business-support-2021)
Micro Business Grant
If you’re a micro business (small business or sole trader with an annual turnover of more than $30,000 and under $75,000) impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a $1500 payment per fortnight of restrictions from late July 2021.
Businesses can register their interest from 14 July 2021 by clicking here (https://www.service.nsw.gov.au/covid-19-business-support-2021)
COVID-19 Disaster Payment (for individuals)
The COVID-19 Disaster Payments (for individuals) can be accessed immediately via Australian Government Services Australia.
- If you’re an individual that has lost 20 or more hours of work per week, then you may be eligible to claim $600 per week
- If you’re an individual that has lost between 8 – 20 hours of work per week, then you may be eligible to claim $375 per week.
To claim online, you will need a myGov account linked to a Centrelink online account. Full details can be found by clicking here.
What you can do today to prepare:
If you require any support or assistance, please don’t hesitate to contact our office, click on the links provided or speak with your Accountant to find out the best options for you.
The information in this website and the links has been prepared for general information purposes only and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor or Accountant to consider whether it is suitable and appropriate for you and your personal needs and circumstances.
