New COVID-19 Grant Opportunities
In recent days, the NSW government announced financial support for businesses impacted by the most recent state lockdowns. These may present opportunities for you and your business.
1. Small Business COVID-19 Support Grant – Up to $10k Benefit
Requirements:
- ABN registered in NSW (or able to demonstrate physical location & primary operation in NSW)
- Less than 20 employees
- Payroll less than $1.2m
- Revenue over $75k per year
- Revenue reduction due to the most recent NSW lockdown.
Benefit:
- If revenue reduction of over 30% - $5k
- If revenue reduction of over 50% - $7k
- If revenue reduction of over 70% - $10k
Further terms & process: This grant and all information should become available from 19th July. Revenue reductions are calculated as a minimum 2 week period compared to the same time in July 2019. An accountant’s statement confirming revenue reduction is required.
Further criteria and application process will be released by Service NSW when the grant becomes available.
2. Hospitality and Tourism COVID-19 Support Grant – Up to $10k Benefit
Requirements:
- ABN registered in NSW (or able to demonstrate physical location & primary operation in NSW)
- Tourism or hospitality business, Payroll less than $10m
- Revenue over $75k per year
- Revenue reduction due to the most recent NSW lockdown.
Benefit:
- If revenue reduction of over 30% - $5k
- If revenue reduction of over 50% - $7.
- If revenue reduction of over 70% - $10k
Further terms and process: This grant and all information should become available from 19th July. Revenue reductions are calculated as a minimum 2 week period compared to the same time in July 2019. An accountant’s statement confirming revenue reduction is required.
Further criteria & application process will be released by Service NSW when the grant becomes available.
Please contact your C&J advisor if you wish to discuss any of the above items.
Please note that not all details have been announced yet and likely will not be announced until 19th July.
Source: Click here for the NSW Government Media Release