The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic.
The grants of up to $10,000 must be used for funding unavoidable business costs such as utilities, overheads, legal costs and financial advice.
To be eligible, businesses must be “highly impacted” by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020.
Business will need to have an ABN as at 1 March 2020, employ between one and 19 employees and have a turnover of more than $75,000.
Businesses will also need to have a payroll below the NSW 2019–20 payroll tax threshold of $900,000.
The grants will be available through Service NSW within a fortnight and remain open until 1 June 2020.
“This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation,” NSW Premier Gladys Berejiklian said.
“These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash flow as soon as possible to meet pressing needs.”
The state’s latest measures follow from previously announced payroll tax waivers for up to six months.
“This is real, rapid relief for tens of thousands of businesses and it will help ensure many businesses that are not eligible for payroll tax waivers and deferrals can live to trade another day,” said NSW Treasurer Dominic Perrottet.
“Many local cafés, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.