NSW Premier Gladys Berejiklian announced $750 million has been put aside to fund $10,000 grants to support small businesses with the unavoidable costs throughout this time. Applications will open within the fortnight on April 17th 2020 through Services NSW and will close 1 June 2020. The program is based on the one put in place throughout the Bushfires which saw $42 million delivered in the 10 days of opening.
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.
We expect more details to be available as we approach the opening date of April 17th 2020. For information on this and more initiatives announced by the NSW Government, please see the below link.
If you need any assistance with this or any of the State and Federal Stimulus packages, please feel free to reach out to our firm on the phone (02) 6883 2200.