Grants to Help SMEs

Updated July 23rd 2021

With $10,000 grants available to small businesses and hospitality venues experiencing a drop in revenue, the NSW Government is looking to soften the blow of the current lockdown.

Grant eligibility;

  • $7,500 for a decline of 30% or more
  • $10,500 for a decline of 50% or more
  • $15,000 for a decline of 70% or more

The decline is for turnover experienced over a minimum 2 week period from 26 June 2021 to 17 July 2021, compared to the same period in 2019.

 The scheme is divided into;

The Small Business Covid-19 Support Grant

  • Businesses or sole traders with a turnover of more than $75,000 per annum
  • Fall below the NSW Government 2020-21 payroll tax threshold of $1.2 million as at July 1, 2020.
  • Firms must have fewer than 20 full-time staff or equivalent
  • Australian Business Number (ABN) registered in NSW, or show primary operations are based in the state.

The Hospitality and Tourism Covid-19 Support Grant.

  • For traders with a turnover of more than $75,000 and
  • An annual wages bill below $10 million as at July 1, 2020.
  • An ABN in NSW is also required, or evidence operations are primarily located in the state.

The scheme will be available through Service NSW.

Designed so businesses can retain workers during the economic setback caused by the two-week lockdown, the measure also include;

  • $11 million set aside for people at risk of homelessness, including vulnerable temporary visa-holders, asylum-seekers and refugees.
  • Hotel operators have the option of deferring payroll taxes due in July
  • The hotel gaming machine tax will also be provided on a case-by-case basis.
  • Dine and Discover vouchers extended to August 31 and now include take away services.

The state’s support is offered in addition to the Federal Governments COVID-19 disaster payment, which will be made to affected workers from 1 July, whereby;

  • Workers who are unable to work because of lockdown restrictions will be eligible for $500 a week if they normally work more than 20 hours each week, and
  • Those who work less than 20 hours receive $325 weekly until restrictions ease.
  • Eligible workers will include Australian citizens, residents and visa holders who are permitted to work in Australia and aged 17 and older.

If you have questions or need assist for these grants, or wish to discuss the impacts this lockdown is having on your business, call your CIB Advisor now to discuss ways we can assist,