Small businesses in New South Wales in line for recovery grant

In an effort to help local businesses recover after the COVID-19 pandemic, the New South Wales Government has announced a new Small Business Recovery Grant of $3000 will become available from July 1^st 2020.

“Today we signal to the people of NSW a shift in direction, from response to recovery. It’s time to get the show back on the road. Keeping people in jobs and businesses in business is at the heart of everything we are doing.” NSW Treasurer Dominic Perrottet said in a statement.

This follows on from the Small Business Support Grant with eligible applicants able to receive up to $10,000. Anyone still interested in applying for this scheme must hurry as The Support Grant closes on June 30^th, with the new Recovery Grant taking its place on July 1st.

The $3000 is intended to be used to help with running costs such as utility and phone bills, as well as fit-out changes as businesses adapt to COVIDSafe environments. The Recovery Grant can only be used for expenses from July 1^st and where no other Government support is available.

Eligible businesses and not-for-profits must meet a range of criteria including:

• Australian Business Number as at 1 March 2020 registered in NSW;
• Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000 as at 1 March 2020;
• Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020;
• Have an annual turnover of more than $75,000 as at 1 March 2020;
• Have experienced a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least two weeks) in 2019;
• Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020;
• Have costs from 1 July 2020 associated with safely re-opening or scaling up their business.

Service NSW will launch the Small Business Recovery Grant online on 1 July and will accept applications until Sunday 16 August 2020 when the program will close.

For further information call in to your local TaxAssist Accountants.

 

Date published 18 Jun 2020 | Last updated 7 Jul 2020