WA businesses: Level 2 COVID-19 Business Assistance Package expanded

The Level 2 COVID-19 Business Assistance Package in Western Australia has expanded, to provide more help and support for small businesses.

The program provides financial support to businesses that experienced a significant decrease in turnover over any two-week period between 1 January and 30 April 2022.

The program is now open to even more Western Australians, with increased grant funding available. Local businesses that experienced a 40 per cent reduction in turnover, over a consecutive two week period, could now be eligible for a grant of up to $50,000 of financial assistance, depending on the size of the business and the number of employees.

Businesses that experienced a decline in turnover of 30 per cent in the same timeframe are now also eligible for financial support.

Payments based on the reduction in turnover and the number of Full Time Equivalent (FTE) employees of eligible businesses will be made in the following amounts:

Reduction in turnover of 30 per cent or more

Sole traders - $3,750

Micro businesses - $7,500

Small businesses - $15,000

Medium businesses - $37,500

Reduction in turnover of 40 per cent or more

Sole traders - $5,000

Micro businesses - $10,000

Small businesses - $20,000

Medium businesses - $50,000

Previous applicants

Previous program applicants do not need to reapply for the 40 per cent tier. Applications will be reassessed in line with the new decrease in turnover criteria and applicants notified if their eligibility status has changed. Successful applicants who already received a payment for the program and are now eligible for a higher payment will be automatically receive the additional funds to their nominated bank account.

To find out if you’re eligible and to apply, visit the Small Business Development Corporation’s website.

Contact TaxAssist Accountants

If you need any help or advice with the financial aspects of running your business, please contact us today on 08 6245 7506 or complete our contact form. We’ll be glad to help.

Last updated: 9th July 2022