The NSW Government has announced a new grants package.
Eligible businesses receiving the Small Business Grant can receive:
- $10,000 for a decline in turnover of 70% or more.
- $7,000 for a decline in turnover of 50% or more.
- $5,000 for a decline in turnover of 30% or more.
Some key elements of the package.
Small businesses will be eligible for the 2021 Small Business COVID -19 Support Grant if they:
- Have fewer than 20 employees
- Have an ABN registered in NSW and can demonstrate that they primarily operate in NSW.
- Have total annual wages below the payroll tax threshold of $1.2m.
- Have an annual turnover of more than $75,000 as at 1 June 2021.
Sole traders can apply if they have turnover over $75,000 and meet all other eligibility criteria.
Grant funds can be used for business expenses.
Applications for grants must be made through Service NSW due to go live later in July 2021.
To apply, businesses will need to compare their turnover over a minimum two-week period after lockdown commenced, to a minimum two-week period in June and/or July 2019.
Businesses that were not operating in June/July 2019 may still be able to apply for the grants. Service NSW will need to be contacted in this circumstance.
In summary, applications are not yet open, but the eligibility guidelines have been published in line with the above details.
Please contact us if you wish to discuss.