The Commonwealth & NSW governments have announced new business support payments to help thousands of businesses currently suffering as a result of COVID-19 restrictions.

Businesses with an annual turnover between $75,000 and $50 million who can demonstrate a 30 per cent decline in turnover (full criteria will be available in coming days on the Service NSW website) may be eligible for the support payments.

To receive payments, eligible businesses must maintain their full time, part-time and long-term casual staffing levels as of the 13^th of July and will be paid to a maximum of 40 per cent of the business’s payroll.

Eligible businesses (including not-for-profits) will receive payments of between $1,500 and $10,000 per week, depending on their level of payroll.

Non-employing businesses (such as sole traders) will receive a set payment of $1,000 per week.

The payments can be used for business expenses such as rent, utilities and wages and will help businesses by alleviating cashflow constraints whilst trading is restricted.

The NSW government has also reinstated an eviction moratorium for tenants who have lost at least a fifth of their work and is offering rebates to landlords who help ease rental stress on affected tenants.

Prime Minister Scott Morrison has announced an increase to the emergency disaster payment from $325 to $375 for people who have lost up to 20 hours of work, and from $500 to $600 for people who have lost more than 20 hours of work due to the COVID-19 outbreak in Sydney.

More information will be available on the Service NSW website shortly, and businesses will be able to apply for the grants later in July.

Service NSW