The NSW government has announced small business grants up to $10,000 for businesses with a decrease in revenue during lockdown.
Payments are available to any businesses primarily located in NSW, not only Greater Sydney. Eligible businesses can expect payments to begin as soon as 19 July.
There is 2 eligibility streams:
- Small Business COVID-19 Support Grant – available to businesses and sole traders with a turnover of more than $75,000 per annum but below the payroll tax threshold of $1.2 million. These businesses must also have fewer than 20 full-time employees.
- Hospitality and Tourism COVID-19 Support Grant – available to hospitality and tourism businesses that have annual turnover above $75,000 but below $10 million.
A decline in turnover revenue across a minimum two-week period starting 26 June, must be compared to an equivalent period in 2019 to be eligible.
The three-tiered grant amount is subject to the level of the businesses decline in turnover.
- Businesses that have experienced a 70% decline in turnover will receive $10,000
- Businesses that have experienced a 50% decline in turnover will receive $7,000
- Businesses that have experienced a 30% decline in turnover will receive $5,000
Applications for NSW Government Small Business Grant can be made through Service NSW later in July, date still TBA. A letter from an accountant to show the businesses decline in revenue must be included.
In addition to the grant, the government is also providing the option to defer the payment and lodgement of payroll tax due in July.
Please don’t hesitate to contact our office if you have any queries regarding the grant.