New COVID-19 support for NSW businesses

Eligible businesses, sole traders and not-for-profit organisations operating in NSW are now able to apply for up to $15,000 from the first of the state government’s new economic support packages, the 2021 COVID-19 Business Support Grant.

The grant is available to anyone with an annual turnover of more than $75,000 and up to $50 million, providing their annual wage bill falls below $10 million. 

Businesses that have seen a loss of 70 per cent or more in turnover can receive a cash deposit of $15,000. Those who have lost 50 per cent of revenue will be eligible for $10,500, while a decline of 30 per cent gets you a grant of $7,500.

Applications will follow the same digital process used in previous grants disbursed during the COVID-19 pandemic, with funds expected to hit bank accounts at the end of the month.

Next Monday, 26 July, will see a further set of grants open, targeting small and medium sized businesses with the Micro Business Support Grants and the JobSaver program.

Businesses with a turnover of between $30,000 and $75,000 that can show a decline of 30 per cent or more will be able to apply for a tax-free grant of $1,500 per fortnight under the Micro Business Support program.

The JobSaver program, meanwhile, creates an incentive for businesses to retain staff, providing businesses with a turnover from $75,000 and up to $50 million with tax-free fortnightly payments of 40 per cent of their weekly payroll. They’ll receive grants that range from $1,500 per week to $10,000 per week. Non-employing businesses are also eligible under this program for payments of $1,000 per week. 

This round of funding comes just as many retail businesses closed their doors over the weekend, in line with the NSW government’s updated lockdown restrictions.

Essential businesses, however, remain open, with the list of approved retail broadly including anyone involved in the sale of food and beverages, landscaping and agricultural supplies, pet care, hardware, office supplies and those engaged in providing transit (such as petrol stations and car rental offices) and cell phone repair. Chemists, banks, newsagents and post offices also remain open.

Businesses can continue to operate under the new restrictions if they offer “click and collect” or home delivery for customers.