COVID-19 Financial Support Packages for Businesses
If your business has experienced financial decline during the stay at home orders, there are multiple COVID-19 financial support packages available. Over $2.5 billion has already been paid out from more than 200,000 financial support applications (see here for the most recent statistics). Criteria for support packages have changed to allow more businesses to access them.
Support packages include:
Fortnightly payments of up to $100,000 per week for employing businesses and $1000 per week for non-employing businesses, with 30% decline or more.
A fortnightly payment of $1,500 for businesses with a turnover between $30,000 and $75,000, that can show a revenue decline of 30% or more.
Financial support for workers of $325–$450 for a loss of 8 to 20 hours of work per week, and $500–$750 for a loss of more than 20 hours per week.
Fee waivers, lodgement and payment deferments and financial counselling are available for eligible businesses. A 50% reduction in 2021-22 payroll tax is available for businesses with Australian wages up to $10 million that can show a revenue decline of 30% or more. Eligible businesses can opt to defer their payroll tax payments, due from July 2021 through to December 2021, until 14 January 2022 with 12-month interest free repayment plans to be available.
Eligible tenants will be protected from eviction and concessions are available to landlords who pass on rent reductions to their tenants. The NSW Government has announced an increase to the Residential Tenancy Support Package to up to $4,500 per tenancy and an extension to the eviction moratorium until 11 November 2021. More information for commercial tenancies, including sample letters for both tenants and property owners, is available on the NSW Government Small Business Commissioner website.
Find the relevant support available for your business here or call Service NSW on 13 77 88, or alternatively contact my office.