Small businesses in NSW that have taken a massive hit to their turnover will be eligible for a cash injection of up to $10,000, the NSW Treasurer has announced.
Dominic Perrottet has finally released the details of the much-awaited business support package which he said will be available for small and medium businesses all across the state, not just in COVID hotspots forced into lockdown.
Small businesses with 20 or less employees who can prove a 75 per cent drop in turnover will be eligible for payments of $10,000, Perrottet said.
Businesses who can prove a 50 per cent reduction in turnover will receive a $7,000 payment, while businesses who experience a 30 per cent drop in turnover can get $5,000.
“Our message today to every business and every person right across New South Wales is that we have got your back,” Perrottet said.
The payments will also be available to tourism, hospitality and accommodation sectors that have payrolls of up to $10 million, he said, as well as sole traders and not-for-profit organisations.
Hotels will also be relieved of payroll tax liabilities and gaming tax liabilities “for the July period into August,” he added. “This will provide those impacted businesses with cashflow they need at this difficult period of time.”
The cash boosts will be available later this month, Perrotet confirmed. "The funds will be available from July 19."
Dine & Discover vouchers extended again
The NSW Treasurer also urged landlords to “work with tenants” who were struggling to make their payments amid the lockdown.
“As we said over the last 18 months, we're all in this together. We are deferring those liabilities and we want to make sure that landlords are supporting their tenants during this period.”
The support package announced today is also good news for NSW residents who are yet to make use of the $100 Dine and Discover vouchers, which have now been extended again to 31 August.
The vouchers can now also be used for takeaway to be delivered to their doorstep.
“We always said we will do whatever it takes to support businesses and keep people in jobs during the pandemic and that is exactly what we are doing,” said NSW Premier Gladys Berejiklian.
“Unfortunately businesses continue to incur costs such as rent, power and lost produce, and this will go some way to lessening that financial pain.”
The support package is expected to cost NSW state coffers "in the hundreds of millions of dollars," Perrottet said.
How about workers?
The Federal Government has flagged that Sydney-based workers are eligible for $500 COVID lockdown payments – but only if they have been out of work for more than a week.
The payments are eligible for workers in regions that are defined as COVID hotspots, but you'll need to have lost income for at least seven days in order to access it.
"The Commonwealth Government is also providing support for individuals and casual workers, so if you're a casual worker and you have had your hours reduced by greater than 20 hours, you're entitled to $500 per week – less than that $325 per week – and I ask those individuals go to Services Australia to get that information," said Perrotet.
Those who have been left homeless from the lockdown will also receive $10.3 million in support, which will be provided to help rough sleepers find temporary accommodation.