31 January 2022
by David Prichard and Heather Hilton
- Related topics
- Corporate Tax & Regulatory
The latest Covid wave has continued to cause disruption for many businesses. Today, most people we know either have Covid, are recovering from Covid, have spent time in iso or know someone who had it. There are not too many people across NSW that Omicron has not touched.
With so many businesses hurting as they start 2022, the NSW Government have announced new programs, grants and rebates to support business recovery in NSW with a $1 billion support package for small to medium businesses.
It’s important to flag that one package is brand new, some are extensions, one is an expansion and then some are reminders for programs previously announced. Obviously, the NSW Government was keen for the $1 billion headline in the Sunday news cycle!
2022 Small Business Support Program (NEW)
Eligible businesses with a turnover of between $75,000 and $50 million that experienced a minimum 40% decline in turnover in January 2022 and the first fortnight of February 2022, can apply for support through this program.
Employing businesses will be eligible to receive 20% of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses will receive $500 per week, paid as a lump sum of $2,000.
The 2022 Small Business Support Program is for the month of February only with businesses being able to apply through ServiceNSW from mid-February in 2022 with expected payment dates being 5 -15 days from application.
Further details are to be expected as to how the decline in turnover is measured together with other requirements, however, it is likely that the requirements will follow the Jobsaver program recently implemented by the NSW Government.
Small business fees and charges rebates (EXPANSION)
The existing rebate will increase from $2,000 to $3,000 in late March 2022.
The small business fees and charges rebates can be used to pay fees and charges like:
- liquor licences
- tradesperson licences
- event fees
- outdoor seating fees
- council rates
- road user tolls for business use
- and now the cost of rapid antigen tests (RATs)
Businesses who have already registered for the rebate will receive an automatic top-up of $1,000 and newly registered businesses will receive a rebate of $3,000.
If you need to register through ServiceNSW click here.
Commercial Landlord Hardship Grant (EXTENDED)
Grants of up to $3,000 per month (GST inclusive) are available for eligible landlords who have provided rental waivers to affected tenants. This grant has now been extended until 13 March 2022.
Initial guidance is that landlords must have provided rent relief from 15 November 2021 to 13 January 2022. The applications are expected to be available from “early February”.
If you are a Landlord and wish to apply click here.
Performing arts package (EXTENDED)
With capacity limits in place and a ban on dancing and singing in many venues, Create NSW has extended the Performing Arts Relaunch Package from 14 February 2022 to 30 April 2022.
This package will provide funding to entities and performing artists in NSW that are continuing to be impacted by Covid-19 and are unable to access other financial support. This includes a one-off grant to Support Act to provide crisis relief to music workers in NSW who can’t work due to the impact of Covid-19.
For more information and to apply online click here.
Export Assistance Grant through Going Global support (REMINDER)
The Going Global package includes assistance grants for exporters, tailored workshops and opportunities to explore new markets. The Export Assistance Grants of up to $10,000 are available for up to 1,000 export ready or export capable NSW businesses until 30 June 2022.
To check if you are eligible and to apply with ServiceNSW click here.
COVID-19 TechVouchers for startups, scaleups and other businesses (REMINDER)
Applications need to be received before 10 February 2022 for a government co-contribution to accelerate commercialising products and services that address disruptions caused by the Covid-19 pandemic.
Click here to find out more and apply online.
Lastly, businesses should not forget about the Payroll tax support which is available. With Revenue NSW offering eligible businesses a support payment arrangement to help with payroll tax until 28 February 2022.
On Sunday NSW Treasurer Matt Kean said “we know this will help many small businesses that have been doing it tough.” Let’s see if this new lifeline is enough to save those business owners who have been hurting.
As always, your ESV Engagement Partner is here to help with what your business is eligible for and can help with applying. Please reach out if you have any questions.