In response to the worsening impacts of the lockdown on Sydney businesses and individual workers, the Federal and State Governments have collaborated to provide a multi-billion dollar shared financial support package to assist businesses with cashflow and for employees who’ve lost hours of work.
We understand this package may not apply to your business directly, but it may well support your suppliers and other associated business to continue trading through these tough times.
The key points contained in this combined Federal and State government package include:
- The Business Grants program announced two weeks ago has been expanded, with grants between $7,500 and $15,000 available to eligible businesses with annual wages up to $10 million
- A cash boost for businesses right across NSW with an annual turnover of between $75,000 and $50 million that can demonstrate a 30% reduction in this turnover during lockdown. The cash boost will be 40% of weekly payroll with a payment of between $1500 to $10,000 per week from week 4 of the lockdown onwards, provided staffing levels are maintained.
- $1500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income. This will assist many sole traders like taxi and ride share drivers
- A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million.
- An increase in payments for workers from $500 to $600 per week if they have lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours. This will now be available to workers outside of the Greater Sydney lockdown areas.
- Several provisions around residential, commercial and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction incentives
Businesses are advised to apply to Service NSW from tomorrow for assistance, individuals can apply to Services Australia.