As part of the ongoing lockdown in NSW due to COVID-19, the Federal Government and the NSW State Government have jointly announced the introduction of new support measures for businesses and individuals.
The measures include:
The COVID-19 Business Grant is being funded by the NSW Government and will be available to eligible businesses, sole traders and not-for-profits.
In order to be eligible for the grant, the organisation must have annual wages of no more than $10M as at 1 July 2020 and must have annual turnover of between $75,000 and $50M for the year ended 30 June 2020. Also, to be eligible for the grant, the organisation must at least maintain its employee headcount from 13 July 2021.
The amount of the grant available will depend on the reduction in turnover of the organisation as between a designated 2 week period within July 2021 and the corresponding designated period in July 2019. The amount of the grant is:
- $7,500 if the turnover of the organisation has reduced by at least 30% between the corresponding periods.
- $10,500 if the turnover of the organisation has reduced by at least 50% between the corresponding periods.
- $15,000 if the turnover of the organisation has reduced by at least 70% between the corresponding periods.
Organisations that wish to apply for the COVID-19 Business grant can visit the following link
The NSW Government has also announced a separate Micro Business Grant of $1,500 per fortnight for those businesses with turnover of between $30,000 – $75,000 which have experienced a decline in turnover of at least 30%.
The JobSaver program will be available to businesses with turnover between $75,000 and $50M.
JobSaver is designed to provide cashflow to businesses to assist them to maintain their employee headcount. Under the JobSaver program, the NSW Government will provide support of up to 40% of the cost of weekly payroll if the turnover of the business has reduced by at least 30% during the designated period.
JobSaver payments will represent a payment of up to 40% of the payroll of the organisation but will be capped to $10,000 per week. Eligible businesses will receive a minimum JobSaver payment of $1,500 per week and non-employing businesses will be eligible for a JobSaver payment of $1,000 per week.
The COVID-19 Disaster Support Payment is funded by the Federal Government.
The payment is available to eligible individuals that live and/or work in a Commonwealth designated hotspot area and who have had their hours of work reduced due to the lockdown.
Based on the revised parameters recently set by the Federal Government last week, the amount of the payment will represent $375 per period if the individual has lost between 8 – 20 hours of work per week due to lockdown or $600 per period if the individual has lost at least 20 hours of work per week due to lockdown.
Further details of the COVID-19 Disaster Support Payment can be found on the Services Australia website at the following link: https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19-disaster-payment
Applications for the COVID-19 disaster support payment will need to be made via a MyGov account.
If you have any further questions relating to the above, please do not hesitate to get in touch with us via your Banks Group representative, (03) 9810 0700 or email@example.com.