The State Government has introduced a small business COVID-19 support grant for small business that have experienced a significant decline in revenue as a result of COVID-19. You may be eligible for the small business support grant of up to $10,000.
The eligibility criteria for a business is as follows:
- be based in NSW
- be a small business (see guidelines)
- be registered with an ABN as at 1 March 2020
- have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence)
Where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000.
- employ 1-19 full-time workers as at 1 March 2020
- be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
- have been highly impacted by Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 effective on 31 March 2020
- have experienced at least 75% decline in turnover compared to the same two-week period in 2019, as a result of COVID-19 (for businesses that have been in operation for less than 12 months, refer to the guidelines)
- have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.
- Be in one of the highly impacted industries (as listed in the guidelines) but you can demonstrate a significant disruption to your business resulting in a 75% reduction in turnover as a result of the Public Health Order 2020, you may be eligible for this grant. You will require a letter from your accountant confirming you meet a number of criteria (refer to the guidelines).
Further details and application can be done online via the following link
https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant
For further guidance, assistance in supporting documentation or if you have any questions, please contact your advisor at Maxim.
