The NSW state government is offering a business support grant of up to $10,000 if your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19.
UPDATE: APPLICATIONS FOR THIS GRANT HAVE BEEN EXTENDED UNTIL 30 JUNE 2020.
Eligibility Criteria
Eligibility for this grant is dependant on whether your business is in one of the highly impacted industries as per the NSW Public Health Order of 31 March 2020.
Funds may only be used for unavoidable business expenses that are not supported by other government funding.
Businesses in the highly impacted industries
To be eligible, your business must:
- be based in NSW
- be a small business
- be registered with an ABN as at 1 March 2020
- have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence)
Where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000.
- employ 1-19 full-time workers as at 1 March 2020
- be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
- have been highly impacted by Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 effective on 31 March 2020
- have experienced at least 75% decline in turnover compared to the same two-week period in 2019, as a result of COVID-19 (for businesses that have been in operation for less than 12 months,
- have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.
Businesses not in the highly impacted industries
If your business is not in one of the highly impacted industries but you can demonstrate a significant disruption to your business resulting in a 75% reduction in turnover as a result of the Public Health Order 2020, you may be eligible for this grant. You will require a letter from your accountant confirming you meet a number of criteria.
If you are a sole trader and you do not employ staff, you are not eligible for this assistance.
In addition, you will need to provide a declaration that you meet the eligibility criteria, including at least a 75% decline in turnover compared to the same 2-week period in 2019.
Auditing requirements
Following receipt of funds, eligible applicants may be required to demonstrate the decline in turnover was a result of COVID-19. Evidence could be in the form of, but not limited to:
- letter from your business accountant
- proof of reduced customer numbers
- proof of changes to business operations due to implementation of social distancing rules
- proof of increased costs associated with public health protection measures.
You may be audited in the future, so you will need to keep all documentary evidence related to your application, and assistance provided under the scheme, for a minimum of 5 years.
Proof of identity requirements
There are proof of Identity requirements and as such you’ll need to provide 2 from the below list:
- Australian driver license
- Medicare card
- Australian passport
- overseas passport
- Australian birth certificate
- Australian citizenship certificate
- ImmiCard
- DHS concession card
- travel visa
- DFAT issued UN Travel document
- DFAT issued Certificate of Identity.
If you have any questions in relation to the above, please get in touch with your contact here at Myssy + Co.
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