NSW Govt's Record $750M Small Business Support

NSW Govt's Record $750M Small Business Support

HCC Business News

3 April 2020

NSW Govt will provide grants of up to $10,000 to help small businesses recover during these challenging times of COVID19

This is the largest support package for small business in the history of NSW - $750 million will be put into the Small Business Support Fund to ensure small businesses have immediate cash flow.

With many businesses struggling in the face of the pandemic - and many local cafés, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply.

Applications will open within the next fortnight. 

To be eligible, businesses will need to:

Have between 1-19 employees and a turnover of more than $75,000;

* A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000;

* Have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020;

* Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020;

* Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;

* Provide appropriate documentation upon application.

Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.

"This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation," says NSW Premier Gladys Berejiklian.

"These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs."

The $750 million grant program adds to a suite of stimulus initiatives announced by the NSW Government over the past fortnight including:

·         More than $5 billion in payroll tax waivers, deferrals and other tax deferrals; 

·         A $1 billion Working for NSW fund to create jobs; 

·         $700 million in additional funding for the health system; 

·         $250 million to bring forward capital works and maintenance on public assets; 

·         $500 million to bring forward capital works, maintenance and shovel ready 

·         infrastructure projects;

 

·         $80 million to waive a range of fees and charges; 

·         $80 million to help the vulnerable through a range of measures.