The NSW Government is releasing a new Small Business Support Grant of $10,000 to assist small business owners struggling to cope with the COVID-19 shutdown.

However it’s not available for all NSW small business owners – there are eligibility requirements that must be met before you are considered for this grant.

Businesses may be eligible if they fit within the following criteria:

  • Have between 1-19 employees;
  • Have an annual turnover of more than $75,000 (a Business Activity Statement [BAS] must be provided as evidence) – where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000;
  • Have an annual payroll below $900,000 (the NSW Government 2019-20 payroll tax threshold);
  • Have a registered Australian Business Number (ABN), is based in NSW and employs staff as at 1 March 2020;
  • Operate in highly impacted industries by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020 as well as small businesses that are not specifically listed however have been highly impacted. Highly impacted is defined as a decline in turnover of 75 per cent compared to the equivalent period (of at least 2 weeks) in 2019 and the business will need to be able to support this with evidence; and
  • Have unavoidable fixed costs such as utilities, overheads, legal costs and financial advice that is not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.

Highly impacted industries as defined by NSW Government health directions in relation to COVID-19 is extensive and can be found at this link.

The application form is available on the Service NSW website and will remain open until 1 June 2020. If you believe your business matches the above eligibility criteria and you would like assistance with this application, please contact our office at enquiries@hqb.com.au.

– Catherine Stojcevska

Posted 03.04.2020

Updated 15.04.2020

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.

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