Latest COVID-19 Business Support- Will you be able to get it?
The NSW Government has announced new support packages to assist businesses impacted by the ongoing effects of COVID-19. Are you eligible for small business finance support?
Small Business Support Program (SBSP)
The SBSP will provide eligible businesses with a lump sum payment to help cover the cost of employing staff through the latest downturn due to COVID-19. Employing businesses can receive 20% of their weekly payroll with limitations as follows:
- Minimum of $750 per week; and,
- Maximum of $5,000 per week.
Non-employing businesses will receive $500 per week.
To be eligible, the business must have a turnover of between $75,000 and $50 million with a decline in turnover of at least 40% for January 2022 and the first 2 weeks of February. There is still a lot of uncertainty with the comparison period, and the details will not be available until the middle of February to resolve this.
You will not be able to apply for the payment until that time. Payments are then to be received within 5 to 15 days of applying. Payments will relate to the payroll costs for the four weeks of February and will be paid in a lump sum.
In this regard, please watch this space. Limited information is available here.
Small Business Fees and Charges Rebate – extended now to cover Rapid Antigen Tests (RAT)
The existing Rebate available on Small Business Fees and Charges will increase from $2,000 to $3,000 in late March 2022. The rebate was originally to cover various COVID-19-related government fees and charges incurred between 1 March 2021 and 30 June 2022. It can now be used against the cost of RATs as well. For more information, please click here.
COVID-19 rent relief to be extended
The Retail and Other Commercial Leases (COVID-19) Regulation 2022 rent relief provisions have now been extended until 13 March 2022. These provisions allow eligible tenants to require their landlords to negotiate rent relief on commercial and retail tenancies. Relief should be structured with at least 50% in the form of a waiver and the balance of a deferral. The magnitude of the relief is proportionate to the tenant’s decline in turnover. For more details, please click here.
Commercial Landlord Hardship Grant is to be extended
This Grant, worth $3,000 per month to eligible landlords who have provided rental waivers to affected tenants, will also be extended until 13 March. Landlords who have claimed land tax relief up to 31 December 2021 will not be eligible for this Grant.
There are also other support packages available, as listed below. You can click on the item, and it will take you to the relevant website for more information on the support
- Export Assistance of up to $10,000 is available until 30 June 2022 for eligible export-ready or export-capable businesses.
- COVID-19 Tech Vouchers for Startups and other businesses. Businesses can access government contributions to accelerate commercialising services and products that attempt to address COVID-19 disruptions. The deadline for claiming these vouchers is 10 February, so time is of the essence.
- Payroll Tax Support for eligible businesses until 28 February 2022.
As always, please contact us if you have any queries in relation to the above support packages.
Author – Michael Goodrick
*Correct as of 3 February 2022
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.