New Support Packages for Small Businesses

NSW Support Package for Businesses announced by Press Release 30 January 2022

With the recent rise of the Omicron COVID-19 strain, comes a further set of Government incentives to help your business for the month of February. Applications are not yet open and the Incentives are different to the previous incentives.

2022 Small Business Support Program

Is my business eligible?

You may be eligible if you have a small business or not-for profit that:

• Had a turnover between $75,000 and $50 million  for the year ended 30 June 2021 or 30 June 2020; and
• Experience a decline in turnover of 40% or more during the month of January 2022, compared to January 2021, or January 2020; and
• Experienced a decline in turnover of 40% or more from 1 – 14 February 2022, compared to the same fortnight in February in the comparison year used above; and
• Maintain your employee headcount at date of application compared to 30 Jan 2022.

What payments will I receive?

• Eligible businesses with employees:
  • Will receive 20% of weekly payroll as a lump sum for the month of February.
  • Minimum payment of $500 per week and a maximum of $5,000 per week.
• Eligible non-employing businesses:
  • Will receive $500 per week, paid as a lump sum of $2,000.

Small business fees & charges rebate

• You may be eligible if your business pays less than $1.2 million in wages per year, and you have an ABN and business address in NSW.

• • The current Small Business Fees & Charges Rebate has been increased from $2,000 to $3,000.

Commercial Landlord Relief Fund

• The end date for the Commercial Landlord Relief Fund has been extended from the 14^th of January 2022 to the 13^th of March 2022.

Stay tuned for further developments as they come.

– Jamie Newling & Ian Hogbin

Posted 07.02.2022

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.