On the 16th of June 2020, the NSW Government introduced a Small Business Recovery Grant to assist business owners with the gradual lifting of social distancing restrictions. The grant will allow applicants to receive between $500 and $3,000 in funding to assist with the costs of re-opening a small business after the COVID-19 mandatory closures. Applications are now open and will close on the 16th of August 2020.

The new grant replaces the previously announced COVID-19 small business support grant which allowed applicants to apply for up to $10,000 in funding. If your business previously received the $10,000 grant, you may still be eligible to apply for the newly announced funding, however, there are some restrictions on what you can use the new funding for. The grant can only be used for re-opening or up-scaling operations made from 1 July 2020, and only where no other government support is available. The funding could be used on staff training and counselling, fit-out changes, business advice, and cleaning products, to name a few examples.

To be eligible for the grant, you must (as at the 1st of March 2020):

  • Be a small business or a not-for-profit organisation based in NSW;
  • Have an ABN registered in NSW;
  • Have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence). In some cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000;
  • Employ less than 20 full-time equivalent staff (non-employing businesses can apply);
  • Be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000;
  • Be in a highly impacted industry by the Public Health COVID-19 Restrictions on Gathering and Movement Order 2020 (click here to check your industry);
  • Have experienced at least a 30% decline in turnover in any 2 week period from March to July 2020 compared to the equivalent period in 2019.

It is important to note that the NSW Government has stated that businesses who successfully receive this funding may be audited in the future. Therefore, it is a requirement that businesses to keep all documentary evidence relied upon to make an application for a minimum of 5 years. You may also be required to provide evidence that the funding was used in accordance with the conditions of the grant.

You can submit your application through the Service NSW website here.

– Nicola Dawson & Kanista Arokianathan

Posted 15.07.2020

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.

What Our Clients Say

I'm really enjoying the personalised touch and service I'm receiving from Ian and Siarn. Always prompt, professional and happy to answer my silly questions and help me stay informed. I've been a client of Bill's and HQB for about 20 years. Since Bills retirement he passed me on to Ian and the quality of the service just seems to keep getting better. HQB comes highly recommended by me.
Trent Allen
Trent Allen
03:43 25 Jun 20
We highly recommend the team at HQB. We are a Sydney based business, and we find the team highly professional, responsive, and just a pleasure to deal with. They are very proactive and we feel as though we are a valued client. Well done to Brad Sheaves and team HQB !
Alastair Fysh
Alastair Fysh
04:31 25 May 20
HQB accountants have been an asset to our business. They have made Job Keeper a breeze and kept our business strong. They respond to emails quickly. They have been terrific value for us as they have brought knowledge and expertise that I don't have even if I had the time to do my accounting. They have taken the time to understand my business and structure our finances accordingly.
Kyle Maloney
Kyle Maloney
06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
Jeff Green
Jeff Green
01:02 17 May 20
James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
Pandora Colledge
Pandora Colledge
01:36 15 May 20

Subscribe to Our Newsletter

Get all the latest news from HQB delivered direct to your inbox

Your Name (required)

Your Email (required)

 
325

Days left until the new financial year. Get your tax sorted today. Click here to get started.