It’s a tough time for business, but help is on the way. To find out what’s available and how to apply, read on.
By ATB Partners
A cash boost is available for businesses with an annual turnover of between $75,000 and $50 million which can demonstrate a 30% reduction during lockdown.
The cash boost will be 40% of weekly payroll with a payment amount between $1500 to a maximum of $10,000 per week from week 4 of lockdowns 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
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.
Increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of 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.
The NSW Government has made assurances that applications will open later this month and assessments will be made quickly, so support money can begin to flow. It’s worth getting professional help to understand what your business will be eligible for.
This is what we know as of 5pm Tuesday 13 July 2021. The situation changes often, so check our website and Facebook page for regular updates and to stay informed.
If you have questions, or if we can help, then please contact us, or call on (02) 9687 1042. Our team is working from home — we’re available over the phone, or via zoom.