New $3k Small Business Recovery Grant
Further support to small businesses expected from the NSW State Government in coming weeks.
This past week the NSW Treasurer announced a new Recovery Support Grant to help small businesses reopen following the easing of restrictions state wide. The Service NSW website has (to date), published minimal information about how the grant will work. We will keep you updated as further information is released.
What we do know so far is this:
- Applications open 1 July 2020 and close 16 August 2020
- The grant can be used to cover marketing/advertising costs, for fit-out changes and to train staff on how to work safely under the current health conditions
- The grant can only be used for expenses from 1 July and where no other government support is available
Eligible businesses and not-for-profits must meet a range of criteria including:
- Australian Business Number as at 1 March 2020 registered in NSW;
- Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000 as at 1 March 2020;
- Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020;
- Have an annual turnover of more than $75,000 as at 1 March 2020;
- Have experienced a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least two weeks) in 2019;
- Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020;
- Have costs from 1 July 2020 associated with safely re-opening or scaling up their business.
- Small business affected by drought or natural disaster or not in operation 12 months ago, but that commenced operations prior to 1 March have alternative time ranges for comparing the decline to turnover to turnover
To see what Service NSW has published, please click here. As mentioned above, we will update this blog post as more information is released.