Various small businesses eligible for new recovery scheme

Thousands of small businesses are reopening across NSW after the COVID-19 shutdown and will have the chance to receive funding of up to $3,000 each under a new Small Business Recovery Grant scheme from the NSW Government.

Applications will be open from Wednesday, July 1 and will run until Sunday, August 16, to help businesses safely relaunch their operations and to assist in business recovery with funds remaining from the $750 million Small Business Support Fund.

Business support: Windsor Mall contains numerous small businesses. Picture: Geoff Jones.

Business support: Windsor Mall contains numerous small businesses. Picture: Geoff Jones.

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 turnover to turnover.

Small business owners can also get advice from Business Connect advisors to help them innovate, pivot or take advantage of opportunities in the market.

The Small Business Recovery Grant can only be used for expenses from July 1 and where no other Government support is available.

More information is available on the Service NSW website www.service.nsw.gov.au as they launch the Small Business Recovery Grant on July 1.

Comments