The NSW Government has announced a major new financial support package for NSW business to help with the impacts of the COVID-19 restrictions.
This package will help businesses by alleviating cash flow constraints while trading is restricted and includes:
Small Business COVID-19 Support Grant
Available to:
Businesses and sole traders with a turnover of more than $75,000pa
Must have payroll below the NSW Government 2021 payroll tax threshold of $1,200,000 as at 1 July 2020
Must have fewer than 20 full time equivalent employees
Must have an ABN registered in NSW, or can prove you are physically located and primarily operating in NSW
What You Get:
Grants for small business will depend on the decline in turnover experienced during the restrictions:
$10,000 for a 70% decline
$7,000 for a 50% decline
$5,000 for a 30% decline
Hospitality and Tourism COVID-19 Support Grant
Available to:
Tourism or hospitality businesses that have a turnover of more than $75,000pa
Must have payroll below $10 million as at 1 July 2020
Must have an ABN registered in New South Wales or can prove you are physically located and primarily operating in NSW
Deferral of Payroll Tax
An optional deferral of payroll tax payments due in July 2021 for all employers
Extension of Dine & Discover Vouchers
Extension of the Dine & Discover vouchers to 31 August
Ability to use the Dine & Discover vouchers for takeaway delivered direct to the home by the restaurant or cafe
How To Access the Grants
Apply for the grants through Service NSW as soon as available, with cash payments flowing from 19 July 2021
You will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June 2021
You will need an accountant’s letter to support your application (email your client manager for this)
More information on the small business support grants and changes to the Dine & Discover program will be available shortly on the Service NSW website. As always, if you have any questions please do not hesitate to contact your Client Manager or one of the Sullivan Dewing team.
Jeni & Terry
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