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NSW Announces $10,000 to Small Businesses Hit by COVID-19

Aim

To support thousands of small businesses across NSW to cope with Covid-19 shutdown.

The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat.

Benefit

Eligible small businesses across NSW will receive grants of up to $10,000 under a new assistance scheme.

Eligibility

To be eligible, businesses will need to:

  • Have between 1-19 employees and a turnover of more than $75,000;
  • A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000;
  • Have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020;
  • Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020;
  • Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;
  • Provide appropriate documentation upon application;

How to apply?

Applications for a small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.

What do I need to do?

If you need assistance, please reach out to our friendly accountants on 1300 180 630 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today

Source: www.nsw.gov.au

Sidney Cachuela

Sidney Cachuela

Sidney Cachuela is a Business Mentor and Associate Financial Advisor who genuinely revels in solving the sorts of wicked problems facing business. His experience includes working with high profile wealth managers and financial advisers, including managing $100m of client FUM across 200 clients. In 2018 he co-founder POP Business, a cloud-based accounting firm. Sidney is a complete technophile, and believes that innovation and new tech are the way forward. POP Business is his labour of love. He has expertise in helping small businesses with a range of accounting services, including: financial advice, accounting and bookkeeping, GST tax planning, as well as company, trust and partnership tax returns and more.

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