COVID-19 Business Grant
Are you a business, sole trader or not-for-profit organisation that has been impacted by the recent COVID-19 restrictions? You can apply for the COVID-19 business grant supported by the NSW Government.
The COVID-19 business grant can provide you with up to $15,000 for your business expenses including rent, wages and utilities.
The business grant differs depending on your business’ turnover during the restrictions. These amounts are:
• $7,500 if your turnover has declined 30% or more
• $10,500 if your turnover has declined 50% or more
• $15,000 if your turnover has declined 70% or more
The full eligibility criteria will be available soon and you will be able to start applying from 19 July 2021.
Entities can also receive business support payments between $1,500 and $10,000 per week based on your payroll levels. You are eligible if:
• You have an annual turnover between $75,000 to $50 million and can prove a 30% decline in turnover.
• You have maintained full time, part time and long-term casual staffing level as of 13 July 2021.
Other businesses such as sole traders will be able to receive a set payment of $1,000 per week.
We will send an update as soon as the eligibility and claim criteria are published.
Source: Service NSW
About Wilson & Assoc
Wilson & Assoc Chartered Accountants provides taxation and business advisory services to individuals, investors and businesses wherever you are based. We provide specialist services to startups and health care providers.
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Disclcaimer: The information provided within this article is general information only. None of the comments in these notes are intended to be advice, whether legal, financial product or professional. You should obtain specific advice regarding your particular circumstances from a tax or legal professional.
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