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NSW SMALL BUSINESS GRANTS EXPLAINED

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NSW SMALL BUSINESS GRANTS EXPLAINED

NSW SMALL BUSINESS GRANTS EXPLAINED

NSW SMALL BUSINESS GRANTS EXPLAINED

The amount a small business can receive will depend on the percentage of turnover a business has lost during the lockdown.
Small businesses who experience a 70 per cent decline in turnover can access $10,000, those who have experienced a 50 per cent decline can access $7000 and those who have experienced a 30 per cent decline can access $5000.
The payments will be available by July 19.

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 July 1, 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.
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 July 1, 2020.
These business 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.
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