Support for NSW Businesses Affected by COVID-19 Lockdowns

Due to the recent lockdowns in NSW to control the cases of COVID-19, almost every business, especially, SMEs are suffering a lot. Small businesses are the backbone of NSW’s economy and in these difficult times, they need financial assistance to survive. So to keep them afloat during these tough times, the state and the federal government have launched quite a few programs to help them financially. Below mentioned are some of such programs announced by the government of NSW to help local businesses thrive.

2021 COVID-19 Business Grant

If you are a business owner, sole trader, or a non-profit organisation that is affected by the existing Greater Sydney COVID-19 restrictions, you may be eligible for 2021 covid-19 business grant of up to $15,000 starting July 19, 2021. The grant can be used to cover business expenses including rent, utilities, and wages.

Depending on the decrease in the turnover during these restrictions, three alternative grants will be available:

  • For a drop of 30% or greater in turnover, you can claim up to $7,500
  • For a drop of 50% or greater in turnover, you can claim up to $10,500
  • If you have suffered a loss of 70% or more in your revenue, you can claim up to $15,000

The complete eligibility criteria will be released soon.

Export Assistance Grant NSW

The Export Assistance Grant provides financing to enable exporting enterprises, or firms that were exporting products or services before COVID-19, bush fires, and droughts. Funding of up to $10, 000 is available. Application can be made any time. The grant assists eligible export enterprises in NSW in gaining access to international markets. The money can be utilised for a variety of things. Some of them are mentioned below:

  • Marketing materials
  • Website development
  • E-commerce development
  • Market research
  • Switching to an online delivery model

Eligibility Criteria

You must meet the following requirements to be eligible:

  • Be based in New South Wales
  • As of 1 August 2019, you must have an Australian business number (ABN) and be registered for GST.
  • Either now exporting or were exporting prior to COVID-19, bush fires, or drought impacts.
  • At the time of application, you must have at least 3 full-time equivalent employees
  • Be an export company with a revenue of less $100 million per year

COVID-19 and Land Tax NSW

Between January 1, 2021, and March 28, 2021, a landowner with a commercial lease, who gave a rent reduction to a retail tenant, is eligible for a reduction in the land tax due for the property leased.

The land tax reduction will be the lesser of the below mentioned two options:

  • The amount of rent decrease given to an eligible renter between January 1 and March 28, 2021
  • A reduction of 25% on the land tax leased to that tenant
  • A reduction of 25% on the land tax leased to that tenant

Eligibility Criteria

  • If you have a commercial lease agreement on a piece of property with a retail tenant with an annual revenue of less than $5 million
  • If a retail tenant is experiencing financial hardship due to recent COVID-19 restrictions
  • If the affected tenant’s rent was reduced at any period from January 1, 2021, and March 28, 2021
  • If you have a land tax attributed to the land leased to the retail tenant for the year 2021

If you wish to find out more information regarding the above mentioned grants or similar assistance programs, please contact one of our advisers at the number mentioned below.

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