NSW Offers $10k Grants for Small Business
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.
With the equity markets and Government support packages frequently changing, we are continually updating and creating new tools and information for you. To review the latest materials on COVID-19, please click here. This page will be regularly updated, so please check back in from time to time.
Below are some articles that may interest you:
- JobKeeper Payment: Relief for Employers and Employees
- Are you entitled to the Federal Government Stimulus Package
- Government Stimulus Package for Business
- Government Stimulus Package for Individuals
- Australian Tax Office Relief
Supporting you through the changes. From making the most of the stimulus initiatives, through to managing the risks associated with the impact of the Coronavirus, the Modoras team is here to help you build a resilient business. Make well-informed business decisions; contact us on 1300 888 803 book a catch up with a Modoras professional.
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