Thousands of small businesses reopening across NSW are set to benefit from funding of up to $3,000 under a new Small Business Recovery Grant.
Applications for the grant open on July 1, as the NSW Government moves from response to a ‘recovery and reform’ footing.
The previously announced $10,000 Small Business Support Grant closes on June 30, with more than 49,700 business applying so far.
Business NSW CEO Stephen Cartwright said: “Small business owners across the State have done it tough during the pandemic, with many impacted by bushfires and drought prior to that. Many have had to lay off staff and are struggling to just survive. They will certainly appreciate this new support package from the Government as they ramp up their operations following hibernation.”
The Small Business Recovery Grant can only be used for expenses from 1 July and where no other Government support is available. More information will be made available on the Service NSW website closer to the launch.
Eligible businesses and not-for-profits 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 have alternative time ranges for comparing the decline to turnover to turnover.
Service NSW will launch the Small Business Recovery Grant online on 1 July and will accept application until Sunday 16 August 2020 when the program will close.
See the full media release below.