The NSW Government announced on Tuesday its plan to offer up to $20,000 support payments to hospitality and retail businesses. This grant will be available if businesses have to stop operations between 1 December 2021 to 31 January 2022 due to a public health order.

The state government will also expand its existing Small Business Fees and Charges Rebate program. From November 2021, the claimable amount will increase from $1,500 to $2,000 and small businesses can use the additional funds to offset costs on road tolls.

 

Summer Holiday Stock Guarantee for Small and Medium Enterprises (SMEs) – Up to $20,000

The Summer Holiday Stock Guarantee is a state-funded grant for eligible businesses to compensate for their:

  1. loss of perishable stocks or
  2. reduced capacity to sell non-perishable items.

What can you get

You can either claim:

  • Up to $20,000 if you suffered losses of perishable goods or
  • $10,000 – if you experienced a reduced ability to sell your non-perishable items.

The grant will be available if there is another lockdown between 1 December 2021 and 31 January 2022, due to a public health order, and you’ll need to stop doing business again.

Who can apply

You can apply for this rebate if you’re a small business, sole trader, and not-for-profit organisation from the hospitality or retail industry. Your business must also have:

  • an annual turnover between $75,000 and $50 million
  • a total Australian wages below $1.2 million, and
  • an Australian Business Number (ABN) registered in NSW

The application for the Summer Holiday stock guarantee is not yet open. We’ll update you once Service NSW provides more information about the process and requirements.

 

Small Business Fees and Charges Rebate – From $1,500 to $2,000

The Small Business Fees and Charges Rebate, which started earlier this year, aims to help SMEs recover from the impacts of COVID-19 by reducing the cost of running a business. The funds from this program can be used to offset the costs of eligible NSW and local government fees and charges.

What is this update all about?

From November 2021, you can now claim costs on road tolls — a cost that was not included in the original list of fees and charges. The maximum amount you can claim will also increase from $1,500 to $2,000.

The rebate will be available until 30 June 2022. Businesses can claim the rebate against invoices that were due and paid from 1 March 2021. 

If you’ve already signed up for this rebate, your digital credit will automatically increase to $2,000.

 

Do you need help in applying for financial support?

Our accountants at ABJ Solutions can help you prepare and apply for support payments from the government. We will help you compute your annual turnover and turnover decline so you can state accurate numbers on your application.

We can also help you find other sustainable financing options and develop solid financial plans that you can use in bouncing back from the recent lockdowns.

Contact us today to learn more about our services or get your free financial health check here.