This funding includes financial support for small business to buy rapid antigen tests (RATs) for their workers and a new Small Business Support Program to assist businesses to help keep their workers employed. They are also extending the Commercial Landlord Hardship Grant and delivering additional funding for the performing arts sector.
At this stage the 2022 Small Business Support Program is only for the month of February.
Businesses eligible for the Small Business Support Program will receive 20% of weekly payroll as a lump sum for the month of February. This equals a minimum payment of $750 per week and a maximum payment of $5,000 per week.
Non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
Based on the recent announcement, NSW businesses will need to satisfy the below criteria to be eligible for the Small Business Support Program:
Applications for the Small Business Support Program are not expected to open until mid-February through Service NSW.
The NSW Government has announced that the existing Small Business Fees and Charges rebate will increase from $2,000 to $3,000 in late March 2022.
Eligible employing small businesses will also be able to use the rebate against half the cost of Rapid Antigen Tests (RATs). The various other government fees and charges still remain able to be offset, such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use.
Businesses that are already registered and previously received the lower $2,000 rebate will receive an automatic top up of $1,000. Newly registering businesses will receive the full $3,000 rebate.
As mentioned in the NSW Government's media release the protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022.
This package provides financial support to relaunch the performing arts sector in line with the NSW Government roadmap to recovery, which has been extended to April 2022.
To be eligible for funding, the applicant MUST be one of the following:
Funding is then provided to eligible performances staged between 19 September 2021 to 30 April 2022.
Details on eligible venues, eligible performances and funding are available in the NSW government’s media release.
We expect that further information will be released by the NSW government regarding this new business support package within the next week.
If you require assistance in determining your eligibility or to clarify any of the details listed our team at BLG Business Advisers are Wollongong Accountants and are here to help so please don’t hesitate to reach out to us.
We wish you and your business every success!