The first of the COVID-19 NSW Business Support is now available.
Eligible business who have been impacted by the recent COVID-19 restrictions can apply for a grant of between $7,500 to $15,000 from today. Further support measures will be made available later in July.
Applications are made on the ServiceNSW website: https://apply.service.nsw.gov.au/sbhgrant
Before applying for the grant, we recommend that you check you meet the eligibility criteria and the have the necessary documentation and evidence ready. See below for further information.
Eligible businesses must:
- Have an active ABN
- Be able to demonstrate they were operating in NSW as at 1 June 2021
- Have total annual wages of $10 million or less as at 1 July 2020
- Have had an aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2020
- Maintain employee headcount as at 13th of July 2021
The value of the grant range depending on the decline in turnover the business experiences. To test the decline in turnover, businesses must test their turnvover for
a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in 2019.
The grant is split into three tiers as follows:
- Tier one – $7,500: Business that have experienced a decline in turnover of 30% or more;
- Tier two – $10,500: Business that have experienced a decline in turnover of 50% or more;
- Tier three – $15,000: Business that have experienced a decline in turnover of 70% or more
Documentation and evidence
To prepare for the application, you will need the following:
- A MyServiceNSW Account – if you haven’t already setup an account, you can do so here: https://account.service.nsw.gov.au/
- Proof of identity documents – such as drivers licence, Medicare card, birth certificate, etc. – you may be able to use identification documents already stored on your MyServiceNSW account
- Your ABN/ACN
- You business bank account details
- The businesses 2020 income tax return or notice of assessment– please contact Eclipse Accounting if you require a PDF copy of this
- An accountants letter – to confirm the decline in turnover
We note that regarding the accountants letter, if you are in a highly impacted industry, you only require to submit an accountants letter if you are applying for the full value of the grant (i.e. tier three). See the following link for a list of highly impacted industries as defined by the NSW government: https://www.service.nsw.gov.au/2021-covid-19-business-grant-guidelines#attachment-a-list-of-highly-impacted-industries
The Next Steps
Most applicants will be required to submit a qualified accountants letter as evidence that they have experienced the required decline in turnover.
So that Eclipse Accounting Group can attend to a review of your financial data to calculate the applicable decline in turnover, ensure the necessary records and documentation are kept in case of an audit, and prepare the letter required for the application, there will be a small fee of $200 plus GST if you are eligible for the grant.
Application are now available on the ServiceNSW website: https://apply.service.nsw.gov.au/sbhgrant
Once you have checked your eligibility and have all documentation ready, you can select the above link then follow the steps below:
- Select the ‘Apply online’ button.
- Log in, or create your MyServiceNSW Account.
- Select and verify your identity documents.
- When your identity is verified, select ‘Continue’.
- Confirm your personal details.
- Enter your business details and answer the eligibility questions, then select ‘Next’.
- Provide information about your decline in turnover and upload your supporting documentation, then select ‘Next’.
- Enter your bank details, then select ‘Next’.
- Review your application.
- Check the declaration boxes.
- Select ‘Submit’ to complete your application.
Please don’t hesitate contact Eclipse Accounting Group to discuss your eligibility or the process of the grant.
Our team are currently working remotely and are available to assist you with lockdown support for your business. We want to reassure clients that we’ll be on hand to talk with you about your business issues and give you the confidence you need to make good decisions to keep your business alive in these difficult times.