The NSW Government announced this week that the new grants will help many small businesses cope with the current Covid 19 restrictions.

Within that package there are cash grants available of between $5,000 and $10,000 available to small businesses depending on the decline in turnover during the restrictions as follows:

$10,000 for a 70% decline

$7,000 for a 50% decline

$5,000 for a 30% decline.

Available to;

· Small businesses

· Sole traders

· Not for profits

Split into 2 streams:

1. Small Business Covid 19 Support Grant

Turnover over $75,000
Annual Australian wages bill of less than $10 million
ABN registered

2. Hospitality and Tourism Covid 19 Support Grant

Available to tourism or hospitality businesses
Turnover over $75,000
Annual Australian wages bill of less than $10 million
ABN registered
Physically located and primarily operating in NSW

These grants can be used for business expenses for which no other government support is available.

Apply from late July via the Service NSW website https://www.service.nsw.gov.au/transaction/apply-covid-19-business-support-grant.

If you need any further help reach out to the S&S Advisory team for assistance via info@stewartsmithadvisory.com or contact me directly.

Other Measures:

Payroll Tax – optional deferral of payments due in July 2021

Dine & Discover vouchers – extension until 31 Aug 2021. Additionally can now be used for takeaway during the restriction period.

Vanessa Falconer

Business Services Manager