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NSW Offers $10k Grants for Small Business

Published by:
David Armstrong
Published on:
April 06, 2020
Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521
NSW Offers $10k Grants for Small Business

*This initiative has finished and is no longer available for application.*

The NSW State Government have committed to a third wave of support measures announced to keep NSW businesses in business. Providing $10,000 grants to help eligible firms cope with COVID-19 restrictions, this state initiative is expected to inject $750 million into the pockets of small businesses. Within the fortnight, eligible businesses will be able to apply for the grant through Service NSW.

Who is eligible?

  • Businesses with between 1 and 19 employees
  • Annual turnover of more than $75,000
  • Have a payroll below the NSW government 2019-20 payroll tax threshold of $900,000
  • Have an ABN at 1 March 2020
  • Be based in NSW and employ staff as of 1 March 2020
  • Be highly impacted by COVID-19 restrictions issued on 30 March 2020

Applicants will need to supply appropriate documentation and use the funding for unavoidable businesses costs (utilities, overheads, financial advice and legal costs).

The program will remain open until 1 June 2020 and adds to the previous two assistance package announcements for NSW small businesses. Business NSW Chief Executive Stephen Cartwright believes that combining small business grants with the JobKeeper program, ‘might be enough to keep their doors open and keep their staff in work.’ He is also quoted to say that ‘It’s important that small businesses keep the advice of professionals who can advise on the specifics of their particular business, including its industry type, location, demographics and customer base.’

Want to know more?

More information can be found on NSW state-based initiatives here.

To review the latest materials on COVID-19, please click here.

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Our Modoras team are still working in our offices or remotely across Australia. If you have concerns or questions on Government support measures, contact us on 1300 888 803 or click here book a catch up with a Modoras professional.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (SYD) Pty. Ltd. ABN 18 622 475 521. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (SYD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (SYD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (SYD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (SYD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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