The severe lockdowns have come as a shock but there is financial assistance available if you know where to look. Here’s a summary and the links to further information.
With the announcement of such a significant COVID lockdown many of us are feeling a little shellshocked. But for businesses, new government grants and disaster payments have been introduced. For the full list, see the NSW Government COVID-19 Support Package Summary here.
As an overview, the government is providing:
A one-off tax-free business grant of $7,500-$15,000. The amount your business will receive depends on the revenue decline you experience. Applications can be made directly to Service NSW.
Tax-free payments of 40% of your business’ pre-COVID weekly payroll. The payments, known as Job Saver, range from $1,500-$10,000 and are paid fortnightly. Applications should be made to Service NSW.
Payroll tax support for the full lockdown period. You will find more information here.
The COVID-19 Disaster Payment for employees who are unable to earn an income due to the lockdowns. To receive the payment, each employee needs to apply directly to Services Australia. They will also need a MyGov account which is simple to do if they don’t yet have one. Here’s a link to a page which provides comprehensive information.
Sole traders can either apply for the COVID-19 Disaster Payment or the COVID-19 Micro Business Grants – not both. The Micro Business Grants provide fortnightly tax-free grants of $1500. To apply, visit the Service NSW website, follow the instructions and complete the form.
There are also supports for particular industries, tenants and landlords. You’ll find more information here.
To receive any of these supports, you will need to show your business has suffered a loss of revenue. That means your accounts will need to be up-to-date. We’re here to help you during this challenging time with financial advice and practical assistance. So get in touch.