NSW businesses crippled by the extended lockdown will be able to apply for $7,500, $10,500 and $15,000 grants from today.
All NSW businesses that cop a 30, 50 or 70 per cent or more drop in turnover due to the movement restrictions are eligible to receive the one-off cash grants.
The business support is part of the COVID-19 rescue package jointly announced by the NSW and Federal Governments last week, which was later revised to increase the grant amounts.
“From the outset of the pandemic we’ve always said we would do whatever was necessary to protect people and jobs and this suite of measures will do exactly that,” said NSW Treasurer Dominic Perrottet.
“These programs will provide timely and targeted support for businesses to help them with much needed cash flow, maintain employees and provide relief for business expenses, for which no other government support is available.”
Business owners who want to claim the grant will have two months to put in an application.
“Applications will open on 19 July 2021 and close at 11:59pm on 13 September 2021,” Services NSW stated on its website.
How much can I get?
There are three tiers, and you’ll need to have lost at least 30 per cent in turnover in order to be eligible for the grant at the lowest tier:
$7,500 (tier one): Turnover decline of 30 per cent or more
$10,500 (tier two): Turnover decline of 50 per cent or more
$15,000 (tier three): Turnover decline of 70 per cent or more
You can use the funding on expenses such as wages, rent, utilities, financial and legal advice, marketing, to cover the cost of perishable goods, or any other activities that help keep the business alive.
Are you eligible for the NSW grant?
Businesses have to declare their decline in turnover, show they have expenses that can’t be covered by other government support, declare their employee headcount as of 13 July, and submit a tax return or other documentation to show their business’ turnover for the 2020 financial year.
The eligibility criteria will differ depending on which grant tier the business is applying for.
How do I apply?
You’ll need a MyServiceNSW account; proof of identity; a valid ABN/ACN number; business banking details; an income tax return; and the details of your accountant or tax agent.
Once bank details have been entered and the application has been reviewed, click ‘Submit’ to finish the application.
Services NSW said business owners should receive a confirmation email with their application reference number.
“After your application is received, it will be reviewed by Service NSW. We’ll contact you if we need additional information to support your application,” the website stated.
“If your application is approved, we’ll transfer funds to your specified bank account within 5 business days from the approval date.”
Those who can’t apply online should call 13 77 88.