The Business NSW is today urging all small businesses to investigate whether they are eligible for part of the $550 million of grant funding available through Service NSW, with applications closing on 1 June 2020.
$10,000 grants are currently available to ease the pressures on small business and not-for-profits as a result of COVID-19, broadly providing that they:
are a small business (1-19 employees),
are under the payroll tax threshold of $900,000,
have annual turnover of more than $75,000, and
have been highly impacted by COVID-19 (experienced at least 75 percent decline in turnover compared to the same two-week period in 2019).
“This grant could be a lifeline for business owners, and can be used to cover unavoidable fixed costs as they make preparations for the resumption of normal business,” said Adam Zarth, Executive Director, Capital Far South Coast Region.
“We highly recommend that eligible businesses who have not yet applied do so immediately so they don’t miss out.”
“Small businesses should be preparing a financial recovery plan if they haven’t already done so, and this grant can be used to get financial advice, which would ideally be sought from a local accountant.”
“As part of our ongoing advocacy work, further representations have been made to the NSW Government to have the grants extended and criteria relaxed so additional heavily-impacted businesses can access the support.”
“At this juncture though, every small business owner should be well aware of and have exhausted all financial and other support available from government. If in doubt, advice and guidance is available through Business Australia’s free Business Advice Line,’ Mr Zarth said.
For the full eligibility criteria and to apply, visit the Service NSW website.
