The NSW Government announced today that thousands of small businesses across the state will receive grants of up to $10,000 under a new assistance scheme that is designed to provide fast help for small businesses struggling with the COVID-19 shutdown.
According to the media release:
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.Business Australia
Ms Berejiklian said the new fund was based on the hugely successful scheme rolled-out during the recent NSW bushfires, which provided $42 million to 4200 businesses within the first ten days of launching.
“This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation,” Ms Berejiklian said.
These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs.”
To be eligible for the grant, businesses will need to meet the following criteria:
- 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 are available through Service NSW and will remain open until 1 June 2020.