Small Business Support Fund
The NSW Government announced on 2 April that it will put $750 million into the Small Business Support Fund to assist small businesses impacted by the COVID-19 shutdown by way of cash grants.
- Grants of up to $10,000 made available through Service NSW
- Application process due to commence in a fortnight and will remain open until 1 June 2000
- Need to provide appropriate documentation upon application
The eligibility criteria for small business under this assistance scheme is generally more stringent, with businesses having to show they have been ‘highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020” issued on 30 March 2020.
Businesses will also need to;
- have between 1-19 employees and a turnover of more than $75,000
- have a payroll below the 2019-20 payroll tax threshold of $900,000
- be based in NSW, have an ABN and employ staff as at 1 March 2020
- use the funds for costs such as rates, overheads, legal costs and financial advice
Whilst this support package is directed to small businesses such as cafes, restaurants, gyms and small accommodation providers, other businesses may also be eligible where gathering restrictions have had a significant impact on their business operations.
Please feel free to contact us for more information on the cash grants scheme or other State and Federal stimulus measures.