New recovery grants to help small businesses reopen
Thousands of small businesses reopening across NSW after the COVID-19 shutdown will have the chance to receive funding of up to $3,000 each under a new Small Business Recovery Grant scheme from the NSW Government.
Applications will be open from Wednesday, 1 July until Sunday, 16 August to help businesses safely relaunch their operations and to assist in business recovery with funds remaining from the $750 million Small Business Support Fund.
Small business owners can also get advice from Business Connect advisors to help them innovate, pivot or take advantage of opportunities in the market.
The Small Business Recovery Grant can only be used for expenses from 1 July and where no other Government support is available. More information will be made available on the Service NSW website www.service.nsw.gov.au closer to the launch.
Eligible businesses and not-for-profits must meet a range of criteria including:
Australian Business Number as at 1 March 2020 registered in NSW;
Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000 as at 1 March 2020;
Have fewer than 20 Full Time Equivalent staff (including non-employing businesses) as at 1 March 2020; Have an annual turnover of more than $75,000 as at 1 March 2020;
Have experienced a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least two weeks) in 2019;
Are in a highly impacted industry as at 1 March 2020. These industries were impacted by the COVID-19 Restrictions on Gathering and Movement Order 2020;
Have costs from 1 July 2020 associated with safely re-opening or scaling up their business.
Small business affected by drought or natural disaster or not in operation 12 months ago, but that commenced operations prior to 1 March have alternative time ranges for comparing the decline turnover to turnover.
Service NSW www.service.nsw.gov.au will launch the Small Business Recovery Grant online on Wednesday, 1 July and will accept applications until Sunday, 16 August 2020.