NSW Premier, Gladys Berejiklian, has announced that thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme.
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.
“This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation,” Ms Berejiklian said.
“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.”
Treasurer, Dominic Perrottet, said many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply.
“This is real, rapid relief for tens of thousands of businesses and it will help ensure many businesses that are not eligible for payroll tax waivers and deferrals can live to trade another day,” Mr Perrottet said.
“We have the structures in place after the bushfires and expect to see this money rolling out the door shortly.”
Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and will remain open until 1 June 2020.
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.