The NSW government has recently announced a $1 billion support package for businesses who have struggled throughout the Omicron outbreak. 

Since the start of the pandemic, the state government has committed more than $45 billion in economic and social recovery measures.

A lump sum payment equal to 20 per cent of weekly payroll will be given to eligible businesses for the month of February. Grants will range from $500 to $5000 a week.

The main measures include:

Small Business Support Program

A new 2022 Small Business Support Program where businesses with a turnover 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 Service NSW from mid-February 2022.

Employing businesses can 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 can receive $500 per week paid as a lump sum of $2,000 for the month of February.

The 2022 Small Business Support Program is for the month of February only.

Small business fees and charges rebates

An expanded small business fees and charges rebates where the existing rebate will increase from $2,000 to $3,000 in late March 2022 and eligible employing small businesses will be able to use the rebate against the following fees and charges incurred from 1 March 2021 to 30 June 2022:

• the cost of rapid antigen tests (RATs);
• food authority, liquor and tradesperson licences;
• event fees;
• outdoor seating fees;
• council rates;
• road user tolls for business use.
• A full list of eligible fees and charges can be found here.

Businesses that 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 by applying through Service NSW.

Extended Commercial Landlord Hardship Grant

An Extended Commercial Landlord Hardship Grant where eligible landlords that provided rental waivers to affected tenants can apply for grants up to $3,000 (GST inclusive) per month up to 13 March 2022.

Other NSW government business support includes:

The Going Global Package providing Export Assistance Grants up to $10,000 for up to 1,000 export ready or export capable NSW businesses until 30 June 2022. More information to apply for this grant can be found here.

COVID Techvouchers for startups, scaleups and other businesses where such businesses that apply before 10 February 2022 can receive a government co-contribution to accelerate commercialising products and services that address disruptions caused by COVID.

Support payment arrangement for payroll tax until 28 February 2022 such as a 50% payroll tax waiver for the 2022 tax year for employers with annual Australian turnover of $10 million or less who qualified for certain COVID reliefs.

Please note that as with all the COVID measures, the assistance available is constantly changing and all the support package details may not yet be available at the time of the announcement.

For all of your business finance assistance, contact Morris Finance on (03) 5223 3453 today.