July 12, 2021

July 2021 – Covid Stimulus Update

Due to the current lockdown in greater Sydney we will see further stimulus measures introduced for NSW businesses by the state government, and hopefully from the federal government. SBP will keep you regularly updated as further details are provided. We will then work with you to assist in the application processes.

NSW Government

The NSW Government recently announced a major new grants package and changes to the Dine & Discover program to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions.

The package includes grants of between $5000 and $10,000 for small businesses, payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself.

The small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions – $10,000 for a 70 per cent decline, $7000 for a 50 per cent decline and $5000 for a 30 per cent decline.

Businesses will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on June 26.

The grants will be divided into two streams:

  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.
    (Full criteria will be available in coming days on the Service NSW website).
  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 businesses 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. (Full criteria will be available in coming days on the Service NSW website).

Other key elements of the package include:

Setup a Business Profile with Services NSW

https://mybusiness.service.nsw.gov.au/

Federal Government

 NSW Residents can call 180 22 66 to discuss their eligibility for a new federal disaster payment. The payment gives people who would have worked more than 20 hours in the week of a lockdown $500, and those would have worked fewer than 20 hours $325.  Eligible residents living in the first areas in Sydney to go into lockdown will be able to access the disaster payments from 8 July. Eligible residents in the broader Sydney metropolitan area will be able to access the payments from 11 July.

There is no update for businesses from the federal government at this point.

Other news.

We look forward to partnering with you in business

Contact us