Are you eligible for the new NSW grant package announced today of up to $10,000
The NSW Government announced today a major new grants package to assist small businesses and people across NSW impacted by the current COVID-19 restrictions.
Businesses will be able to apply for grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after 26 June 2021. The grants amounts are tiered based on decline in turnover as follows:
- $10,000 for a 70% decline
- $7,000 for a 50% decline
- $5,000 for a 30% decline
The grants are divided into 2 streams:
- Small business COVID-19 Support Grant – available to businesses and sole traders:
- with a turnover of more than $75,000 per annum, and
- that have an annual payroll below the payroll tax threshold of $1.2M at 1 July 2020, and
- that have fewer than 20 full time equivalent employees, and
- have an ABN registered in NSW or able to demonstrate they are physically located and primarily operating in NSW.
(Full criteria will be available in coming days on the Service NSW website)
- Hospitality and Tourism COVID-19 Support Grant – available to tourism or hospitality businesses that have a turnover of more than $75,000 and annual Australian wages of less than $10M as at 1 July 2020.
You should review your circumstances and determine if you are eligible for the grant, and be ready to apply to Service NSW in late July. Please contact your Hall Chadwick advisor for assistance if required.
- Optional deferral of payroll tax payments due in July 2021 and deferral of hotel June quarter gaming machine tax, with repayment arrangement on a case by case basis
- Dine & Discover vouchers able to be used for takeaway, but food must be delivered directly to the home (and not pick up).
- Dine & Discover vouchers extended to 31 August 2021.
Read the detail in this Client Update