Thousands of small businesses reopening across the State after the COVID-19 shutdown will benefit from funding under a new Small Business Recovery Grant. The grant can be used to cover marketing and advertising expenses, make fit-out changes and train staff in how to work safely under the current COVID-19 health conditions. This new grant will allow businesses to focus on reopening safely and welcoming back customers.
Under the new Small Business Recovery Grant, small businesses will be able to apply for funding up to $3000. Applications will open on 1 July and will be open until 16 August to help businesses safely relaunch their operations with funds remaining from the $750 million Small Business Support Fund. NSW Treasurer Dominic Perrottet announced the new recovery grants after delivering an economic update to the NSW Parliament as the Government moves from response to a “Recovery and Reform” footing.
More information will be made available on the Service NSW website closer to the launch.
Eligible businesses and not-for-profits must meet a range of criteria including:
Australian Business Number as at 1 March 2020 registered in NSW;
Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000 as at 1 March 2020;
Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020;
Have an annual turnover of more than $75,000 as at 1 March 2020;
Have experienced a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least two weeks) in 2019;
Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020;
Have costs from 1 July 2020 associated with safely re-opening or scaling up their business.
Small business affected by drought or natural disaster or not in operation 12 months ago, but that commenced operations prior to 1 March have alternative time ranges for comparing the decline to turnover to turnover. Service NSW will launch the Small Business Recovery Grant online on 1 July and will accept application until Sunday 16 August 2020 when the program will close.
For assistance with applying for this grant contact Jess at Anytime Assist Bookkeeping on 0431604609.