It has been a tough year for most small business owners with many of you forced to shut doors due to COVID-19. As restrictions ease and we adjust to current conditions, you may be wondering what trade looks like for your business on the other side of this calamity?
Under the new Small Business Recovery Grant, the NSW Government has recently announced funding to help small businesses reopen after COVID-19.
This new grant will allow small business owners to apply for funding up to $3,000 and can be used to cover costs such as marketing and advertising, fit-out changes and training staff how to work safely under the current COVID-19 health conditions.
Eligible businesses must meet a range of criteria including:
- Australian Business Number as at 1 March 2020 registered in NSW;
- Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000 as at 1 March 2020;
- Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020;
- Have an annual turnover of more than $75,000 as at 1 March 2020;
- Have experienced a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least two weeks) in 2019;
- Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020;
- Have costs from 1 July 2020 associated with safely re-opening or scaling up their business.
Small business affected by drought or natural disaster or not in operation 12 months ago, but that commenced operations prior to 1 March 2020, have alternative time ranges for comparing a decline in turnover.
Applications for the new Government grant will open from Wednesday, 1 July 2020.
We recommend applying as soon as possible, as applications will be closing on Sunday, 16 August 2020.
Click here for further information.
As our nation moves from response to recovery, we are here to support you. Please get in touch by calling our office on (02) 4732 3844 or emailing email@example.com