HCC & Government Update
Since January this year, the impact on Chinatown businesses has seen closures of some of our longest standing businesses. In response to the economic and cultural impact Haymarket and Chiantown is experiencing daily, HCC met with City of Sydney lord Mayor and Councillors Jess Scully and Robert Kok and a round table of more than 20 key local businesses followed by a first time meeting with the NSW Minister for Finance and Small Business Damien Tudehope to express and share key business concerns and local businesses needs for immediate support.
HCC welcomes the Government rescue support packages and funding that will assist our businesses during these incredibly uncertain times and year ahead. Below is an outline of all the Government support and packages available:
CITY OF SYDNEY
- Waiving fees for Health and Building compliance activities (anticipated revenue loss of $1.6m)
- In conjunction with our tenants, will review rents in City premises for tenants that require support on a case-by-case basis (anticipated cost up to a value of $4m)
- Waiving standard contractual terms and return booking and banner fees to people and organisations who have booked City venues and are now unable to proceed with their bookings (anticipated cost up to a value of $3m)
- Footway dining, market permit and filming fees will be waived on the grounds of hardship (anticipated revenue loss of $1.5m)
Late last week the City of Sydney have allocated an additional $25M support package for the business, arts and creative industries. Find out more critical changes to the City of Sydney venues and operations HERE
- The SME package introduces six month deferment of all loan repayments attached to a small business financially affected by COVID-19.SME Guarantee Scheme will guarantee of 50 per cent to lenders to support new short-term unsecured loans to SMEs.
- The SME Cash Boost provides a pool of almost $40 billion from which cash payments of up to $100,000 will be available to SMEs, up from a maximum payment of $20,000 per business in the initial stimulus package.
- Sole traders who experience a significant loss of income will be eligible for the Coronavirus supplement and jobseeker payment which will assist them to continue working for the next six months.
- Businesses with a turnover of less than $500 million can now deduct an extra 50 per cent of asset costs in depreciation. And small businesses with fewer than 20 employees will get up to $7000 each quarter for apprentices as a wage subsidy, equal to half the apprentice or trainee’s wage from 1 January to 30 September.
- The second stimulus measures for small and medium businesses, as well as not-for-profits, will receive between $20,000 and $100,000 rebate on income tax withholdings.
- Expanded their business hotline to support small-and-medium businesses impacted by the coronavirus Phone: 13 28 46 Mon - Sun 7am - 9pm
These business measures are a welcome step in the right direction towards preventing the potential implosion of the small-business sector in the face of this unprecedented crisis and a new economic and social paradigm ahead.