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Grants of up to $10,000 to support COVID- impacted small businesses in NSW

by OnDeck Australia,   Jun 29, 2021

The NSW Government has announced a major new grant package to help tens of thousands of small businesses across NSW impacted by the current COVID-19 restrictions.

 

The package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself.

 

NSW Premier Gladys Berejiklian said the centrepiece of the package was the small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

 

Three different grant amounts will be available for small businesses depending on the decline in turnover experienced during the restrictions – $10,000 for a 70% decline, $7,000 for a 50% decline and $5,000 for a 30%. The new grants will be available across NSW.

 

The small business grants would be available for sole traders and non-for-profit organisations, with expanded criteria to assist most hospitality and tourism operators hit hard by the restrictions during school holidays.

 

Businesses will be able to apply for the grants through Service NSW from later in July and will need to show a decline in turnover across a minimum two-week period after the commencement of major restrictions on June 26.

 

The grants will be divided into two streams:

 

1. Small Business COVID-19 Support Grant. Available to businesses and sole traders with a turnover of more than $75,000 per annum but below the NSW Government 2020 21 payroll tax threshold of $1,200,000 as at 1 July 2020.

 

These businesses must have fewer than 20 full time equivalent employees and an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. The full criteria will be available in coming days on the Service NSW website.

 

2. Hospitality and Tourism COVID-19 Support Grant. Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020.

 

These businesses must have an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. (Full criteria will be available in coming days on the Service NSW website).

 

Other key elements of the package include:

 

  • Dine & Discover vouchers will be able to be used for takeaway from eligible and registered Dine businesses during the restriction period, but food must be delivered direct to the home by the restaurant or café and not picked up. Dine & Discover vouchers cannot be redeemed for takeaway using third party delivery platforms.
  • A further one-month extension of Dine & Discover vouchers until 31 August 2021 to allow people more time to use them.
  • An optional deferral of payroll tax payments due in July 2021 and the deferral of hotel June quarter gaming machine tax, with the Chief Commissioner of State Revenue able to provide for appropriate repayment arrangements on a case by case basis.

 

More information on the small business support grants and changes to the Dine & Discover program will be available shortly on the Service NSW website.

 

Get in touch today to find out about OnDeck’s funding options that could support your SME’s recovery planning.

 

Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at June 2021. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.

 

 

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