Last Friday 03 March, the NSW Government confirmed thousands of small businesses across the state struggling to cope with the COVID-19 shutdown may receive grants of up to $10,000 under a new assistance scheme.
This is in addition to other Federal Government stimulus measures and will likely only apply to CATO Members in our Tier 1 & 2 categories.
Whilst this is limited to business operating in New South Wales, we are researching if similar initiatives are being rolled out in other States and Territories.
To be eligible, NSW businesses will need to:
- Have between 1-19 employees and a turnover of more than $75,000.
- A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000.
- Have an Australian Business Number (ABN) as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020.
- Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020.
- Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice.
- Provide appropriate documentation upon application.
Applications for the small business grant of up to $10,000 will be available through Service NSW within a fortnight and remain open until 1 June 2020.
CLICK HERE to read the full NSW Government announcement.
CATO will keep a look out for further updates and advise as they become available.
For formal financial advice about how these announcements might affect your business, please refer directly to your own accountant.
