The New South Wales government is doing all it can to help local businesses get back on their feet. It was announced Tuesday 16th June that new recovery grants will become available from July 1st 2020.
“Today we signal to the people of NSW a shift in direction, from response to recovery. It’s time to get the show back on the road. Keeping people in jobs and businesses in business is at the heart of everything we are doing.” NSW Treasurer Dominic Perrottet said in his statement. The Small Business Recovery Grant follows the Small Business Support Grant, a $490 million lifeline for businesses affected by COVID-19. Eligible applicants can receive up to $10,000. The Support Grant closes June 30th, leaving the Recovery Grant to take its place on the 1st July.
Minister for Customer Service Victor Dominello said the new grants signalled a move from business survival to revival, noting in his statement that; “Applying for this new grant will be simple and easy, so businesses can focus on reopening safely and welcoming back customers”. The Small Business Support Grant will endow eligible applicants with up to $3,000 in funding. This cash can be used to help with running costs such as utilities and phone bills, as well as fit-out changes to help create a COVIDSafe environment.
The Small Business Recovery Grant can only be used for expenses from 1 July and where no other Government support is available. More information will be made available on the Service NSW website closer to the launch.
Eligibilty and further notes:
- 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.