In recognition of the impact on the economy of the self-imposed lockdown, the NSW government has announced a $1bn Small Business Support Package.
Key features of this package include:
- Eligible businesses receiving a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022 (minimum weekly payment for employers is $750 per week).
- Eligible non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
To access the package, businesses must:
- Have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and
- Experienced a decline in turnover of at least 40% during the month of January 2022 compared to January 2021 or January 2020; and
- Experienced a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in either 2021 or 2020 (you must use the same comparison year utilised in the decline in turnover test for January); and
- Maintain their employee headcount from “the date of the announcement of the scheme” (30 January 2022).
The support package only covers the month of February 2022. Applications for support are expected to open mid-February.
Please note that commercial rent relief scheme and the accompanying landlord grant has also been extended until middle of March.
For more information on the above, please see Client Guide