NSW businesses impacted by the current lockdown can apply for Government cashflow support from Monday, 19 July 2021.
There are several different initiatives to assist businesses through this current period.
We will update the below detail as and when more information is made available.
Available cash flow boosts
- COVID-19 Business Grant
Following on from an earlier NSW Government announcement (NSW Business Support Package), businesses may be able to apply for a grant of up to $15,000 from 19 July 2021.
The grant can be used for business expenses such as rent, utilities and wages while trading is restricted.
Three grant amounts will be available depending on the decline in turnover experienced:
- Businesses with a decline of 30% or more: $7,500
- Businesses with a decline of 50% or more: $10,500
- Businesses with a decline of 70% or more: $15,000
Businesses, sole traders, and non-profit organisations from Greater Sydney that are impacted by the current restrictions and stay-at-home orders are eligible to apply.
- Saving Jobs
A joint program by the NSW and Commonwealth governments aims to help small and medium businesses in retaining staff employment amidst the current restrictions.
Businesses with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover and maintain their full-time, part-time and long-term casual staffing levels as of 13 July 2021, will be eligible to apply. These entities will receive payments of between $1,500 and $10,000 per week based on the level of their payroll.
For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week.
- Micro Business Grant
Eligible businesses can receive a $1,500 payment per fortnight of restrictions, starting in late July 2021.
Micro businesses are small businesses with an annual turnover of $30,000 to $75,000.
Make sure to visit the Service NSW website to express interest and receive notifications on the COVID-19 financial support programs available to you.
- Payroll Tax Initiatives
To assist businesses with the impact of COVID-19, the NSW Government has outlined:
- The due date for lodgement and payment of 2021 Payroll Tax annual reconciliation has been extended to 7 October 2021
- Businesses will have the option of deferring payments for the July and August 2021 return until 7 October 2021 and enter into a new Stimulus Payment Arrangement
- Businesses with grouped Australian wages of $10 million or less who experience a 30% (or more) decline in revenue will have their annual tax liability reduced by 25%. More information will be provided on this by end of August 2021
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.
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