The NSW State Government have announced they will be putting $750 million into the Small Business Support Fund as a way of supporting small businesses to stay afloat as they continue to battle the COVID-19 crisis.
The Small Business Support Fund will then provide grants of up to $10,000 for eligible small businesses.
To be eligible, businesses will need to:
- Have between 1-19 employees and a turnover of more than $75,000;
- A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000;
- Have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020;
- Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020;
- Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;
- Provide appropriate documentation upon application.
Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.
For information about how we can assist you during these times, contact your Client Relationship Manager.