A key component of the stimulus package is a single payment grant for eligible small businesses.
The payment amount that a small business (including sole traders) can be eligible for depends on their decline in turnover. In his media release, the Treasurer outlined the following relevant payment amounts for the corresponding decline in turnover:
The Treasurer in his media release noted that businesses would need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on 26 June 2021. It is expected further details for the decline in turnover are to be provided in the coming days on the Service NSW website.
The COVID-19 Support Grant will be divided in to the following two streams:
Small businesses (including sole traders) who have met one of the decline in turnover requirements can apply for a grant if they meet the below eligibility criteria:
Small businesses (including sole traders) who have met one of the decline in turnover requirements and are in the tourism or hospitality industry can apply for a grant if they meet the following eligibility criteria:
Eligible small businesses will be able to apply from 19 July 2021 via Service NSW. A letter from your accountant confirming your decline in turnover will need to be provided when applying for the payment.
Full eligibility criteria for the COVID-19 Support Grant is expected to be available in the coming days on the Service NSW website.
NSW Businesses can choose to defer the payment of their NSW Annual Payroll Tax Liabilities from July 2021 to August 2021. This measure is optional, and businesses can make payments earlier if they would prefer.
NSW Hotel Businesses are able to defer their gaming machine tax liabilities from July 2021 to August 2021.
In addition to the above measures, the Treasurer announced that the NSW Government has extended the Dine & Discover vouchers from July 2021 to 31 August 2021. It was also announced that the vouchers can be used for takeaway and delivery (direct delivery from restaurants or cafes i.e. cannot be used for third party delivery platforms). Other measures include more than $11 million for increased support for people at risk of homelessness plus assistance to vulnerable temporary visa holders, asylum seekers and refugees.
We expect further details to be provided for the COVID-19 Support Grant in the coming days. We will continue to update you on the measures announced as more information becomes available.
Our team at BLG Business Advisers are always here to assist you, so if you need clarity around the stimulus packages that relate to your business situation, please don't hesitate to talk with us.
We wish you and your business every success!