The application for the 2021 COVID-19 Business Grant is now open to all eligible NSW businesses until 13 September 2021.

Funding for eligible businesses

The funding for the 2021 COVID-19 Business Grant is divided into three tiers and all interested applicants must demonstrate a decline in turnover over a minimum 2-week period from 26 June 2021 to 17 July 2021, compared to the same period in 2019:

Tier 1: $7,500 for businesses with a turnover decline of 30% or more

Tier 2: $10,500 for businesses with a turnover decline of 50% or more

Tier 3: $15,000 for businesses with a turnover decline of 70% or more

The same rule applies to businesses located on the Victorian border that have been impacted by the COVID-19 restrictions. The only difference is that the impacted businesses must demonstrate a decline in turnover over a minimum 2-week period from 27 May 2021 to 17 July 2021.

Eligibility

To be eligible for the grant you must:

  • Have an active Australian Business Number (ABN). (Only one grant is available for a single ABN. The same applies to multiple businesses under a single ABN)
  • Prove that the business operates in NSW as at 1 June 2021
  • Have less than $10 million annual Australian wages as at 1 July 2020
  • Have had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020
  • Have business costs where no other government support is available
  • Have maintained the employee headcount as at 13 July 2021

Meanwhile, eligible businesses can still apply for this government grant — despite having received other grants — as long as they meet all the criteria listed above.

There may have instances where the business does not meet all the listed criteria but can still apply for the grant as long as they can provide evidence to support the alternative circumstances.

Where can you use the grant?

Eligible applicants across NSW can use the grant for business costs incurred from 1 June 2021, including:

  • utilities, wages, and rent
  • marketing and communications activities to develop the business
  • financial, legal, or other forms of advice to support business continuity planning
  • covering the cost of perishable goods, you can no longer use, and
  • other activities to support your business operations

What you need

  • MyServiceNSW Account
  • Two proof of identity
  • Valid ABN/ACN number
  • Business banking details for payment
  • Australian income tax return or Notice of Assessment
  • Details of the qualified accountant, registered tax agent, or registered BAS agent

It’s also crucial for applicants to submit a letter from a qualified accountant, registered tax agent, or registered BAS agent as evidence to prove the turnover decline. Here is a template of the letter from your accountant provided on the Service NSW website.

Meanwhile, if you’re looking for qualified accountants who can help you through this entire process, you may contact us here.

After applying, you’ll receive a confirmation email along with your reference number. This will then be reviewed by Service NSW. If your application is approved, the funds will be transferred to your nominated bank account within 5 business days from the approval date.

Successful applications may still be subject to an audit. Make sure to keep all relevant documents for a minimum of 5 years.

Let Us Help

If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary one-hour meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through these challenging times.