The NSW Government have recognised the impact of Covid-19 on small businesses during the start of 2022 and are offering another grant for those that have suffered a significant downturn.
Read on to find out if your business is eligible for the Small Business Support Program and how much you will be entitled to.
What is the Small Business Support Program?
Eligible employing businesses are entitled to 20% of their weekly payroll as a lump sum for the month of February.
If you’re an employing business, the payment will be equivalent to 20% of weekly payroll for work performed in NSW:
- minimum payment will be $750 per week
- maximum payment will be $5,000 per week.
Even sole traders or businesses without employees can receive $500 per week.
Who is eligible?
There are a number of conditions to satisfy to be eligible for the program. Your business must:
- have an active ABN
- have been operating in NSW on 1 Jan 2021
- have an aggregated annual turnover between $75,000 and $50m for the year ended 30 June 2021 or 30 June 2020
- have experienced a decline in turnover of 40% or more due to the impacts of Covid-19:
- during January 2022 compared to January 2021 or January 2020, and
- from 1 to 14 February 2022, compared to the same fortnight in February 2021 or February 2020
- maintain your employee headcount from 30 January 2022 to 28th February 2022
- for non-employing businesses, such as sole traders, show that the business is the primary income source (50% or more of the total income) for the associated person.
There are certain cases where businesses may be eligible for the grant but don’t satisfy all of the criteria, for example if a new business was not operating on 1 January 2021. Please contact the office if you would like to discuss your specific situation.
How do you apply?
Applications are now open via the Service NSW website. You will need to provide a copy of your income tax return, your latest BAS and a letter from your accountant confirming the downturn.
Can Care Accounting help me?
Yes! Contact one of the team and we can review your business to see if you are eligible. If you are, we will provide you with all the supporting documentation so that you can apply.