The NSW Government has announced it’s financial support package to assist small businesses and sole traders across the State that are currently impacted by the recent COVID-19 restrictions. The State Government information can be found here:
The grant’s eligibility relies on a business (including sole traders) suffering a decrease in turnover, the business will need to compare their turnover over a minimum two-week period after lockdown commenced, to a minimum two week period in June and/or July 2019.
Financial support will be available for a:
- Small business with a turnover of more than $75,000 per annum but below the payroll tax threshold of $1.2 Million, and
- Have fewer than 20 full time employees; and
- Have an active ABN and are physically operating in NSW; and
- Which has experienced the following decrease in turnover. The level of support to be offered is detailed in line with the decline of turnover:
- $10,000 for a 70% or more decline.
- $7,000 for a 50% or more decline.
- $5,000 for a 30% of more decline.
The financial support can be used to cover the running costs such as rent, utilities and wages to help alleviate cashflow constraints while trading is restricted.