Coronavirus Stimulus Package – NSW government grants for battling businesses

Grants of up to $10,000 to provide fast relief for NSW small businesses battling the effects of COVID-19

The NSW Government announced today, a new assistance scheme that is expected to inject around $750m into struggling small businesses.

Grants of up to $10,000 will be available for businesses highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020. The application platform through Service NSW will be available within a fortnight and remain open until 1st June 2020.

To be eligible, businesses will need to:

  • Have between 1-19 employees and a turnover of more than $75,000;
  • A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000;
  • Have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020;
  • Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020;
  • Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;
  • Provide appropriate documentation upon application. 

Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020. We will provide further details on our Facebook page once applications go live.

For more information on the announcement, visit https://www.nsw.gov.au/your-government/the-premier/media-releases-from-the-premier/10000-grants-to-provide-fast-relief-for-nsw-small-businesses-battling-covid-19/

By Abby Sands – YBM

Yates Baker McLean. Accountants and Business Advisors situated in the Central West of NSW. Offering comprehensive advice for all your financial needs including tax, auditing, business advisory, self managed super funds, specialised industry experience and financial planning.
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