2021 COVID-19 NSW business grant
The eligibility details for the NSW COVID-19 business grants has been released at long last.
• $7,500 for business with 30% decline or more
• $10,500 for business with 50% decline or more
• $15,000 for business with 70% decline or more
Who is eligible
• An ABN with active business as of 1 June 2021
• Turnover between $75,000 to $50 million for the 2020 year.
• Payroll of $10 million or less as at 1 July 2020
• Revenue decline of 30% or more due to the lock down during a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in 2019.
How to apply
1. Proof of identity.
2. Your ABN
3. Your business bank details
4. Your turnover decline and our letter.
5. Details of full-time employees, permanent or casual, who have been employed for more than 12 months.
Click here to apply if you are sure you already had the lowest 2 weeks of revenue. Otherwise, apply after 26 July.
NSW micro business COVID-19 support grant
This one-off payment is available to small businesses or sole traders impacted by the lockdown.
These payments will be $1,500 per fortnight of restrictions.
Small businesses and sole traders with an annual turnover of more than $30,000 and less than $75,000.
Applications will be open late July.
Fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses.
• Employing businesses: Up to 40% of weekly payroll with minimum payments of $1,500 and maximum of $10,000 per week
• Sole traders: $1,000 per week.
• Annual turnover between $75,000 to $50 million
• Revenue decline of 30% or more
• Maintained full time, part time and long-term casual staffing level as of 13 July 2021.
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.
If we can help in any way, we’d like to hear from you.
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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