In some positive news for small business owners, the NSW Premier has released details of a grant system for small businesses whose trade has been affected by COVID 19.
To be eligible for the $10,000 grant small businesses must employ up to 19 people and turn over more than $75,000 a year. The government will inject $750 million into the Small Business Support Fund to assist businesses impacted by the COVID 19.
The application form will be available on the Service NSW website by 17 April.
To be eligible, businesses will need to:
- 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.
Highly impacted industries
Eligible industries are those that have been subject to closure or are highly impacted by NSW Government health directions in relation to COVID-19 and include:
- Retail trade
- Accommodation and food service
- Rental, hiring and real estate services
- Administrative and support services
- Arts and recreation services
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