Great News for Small Business!
What is on offer?
Between $5000 and $10,000 depending on the decline in turnover for the two week lockdown period following June 26.
If you have experienced a ;
- 70% decrease in income you could be entitled to $10,000
- 50% decrease in income you could be entitled to $7,000
- 30% decrease in income you could be entitled to $5,000
What is the criteria for eligibility?
Available to all NSW business’s, including not for profit organisations and sole traders. The business does not have to be located in an area where strict lockdown rules apply to be eligible. For example if your business is located outside the Sydney , Wollongong and Central Coast areas.
According to the NSW Government media release Tuesday, 29 June 2021 there are two streams available
1.Small Business COVID-19 Support Grant
Available to businesses and sole traders with a turnover of more than $75,000 per annum but below the NSW Government 2020-21 payroll tax threshold of $1,200,000 as at 1 July 2020.
These businesses must have fewer than 20 full time equivalent employees and an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales.
2.Hospitality and Tourism COVID-19 Support Grant.
Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020.
These business must have an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales.
How do I apply for the grant?
From 19th of July Service NSW will be processing these requests and a letter from your accountant may be required regarding the decline in turnover for the two week lockdown period. My guess is that this will be similar to the grant process offered by NSW government last year.
More news to come in the following weeks.
How can I calculate my decline in turnover?
Some accounting packages may calculate the decline in turnover for you , if you are unsure best to have a discussion with your accountant regarding eligibility in the coming weeks.
When will I receive my grant money?
Not until after July 19, potentially longer depending on how claims are assessed at Service NSW. In the meantime its a good idea to keep your book keeping up to date so you can quickly assess your loss in income for July 19.
For a full update read the following media release from Gladys Berejiklian June 26.