New package to support small business during lockdown
Measures include expanded grants, employee retention payments and support for commercial tenants
The Australian and NSW Governments today announced a major economic support package aimed at supporting businesses and individuals through the current COVID-19 lockdown.
Key components of the 2021 COVID-19 package for businesses include:
- An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7,500 and $15,000 to cover the first three-weeks of restrictions.
- A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $100,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week.
- A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1,500 payment per fortnight of restrictions.
- Payroll tax waivers of 25 per cent for businesses with Australian wages bills of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans.
- Mandatory rent relief for eligible commercial and retail tenants and monthly grants of up to $3,000 for smaller landlords that provide it. See new support for commercial tenants and landlords
- Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords, up to 100 per cent of their 2021 land tax year liability.
- An increase in the payment amount for stood down workers to $750 per week for those who lost more than 20 hours, and to $450 for those who lost between 8 and 20 hours, and available to workers outside of the Greater Sydney lockdown areas.
- Deferral of gaming tax assessments for clubs until 21 December 2021 and hotels until 21 January 2021.
- A $75 million support package for the performing arts sector to be administered by Create NSW.
- A $26 million support package for the accommodation sector.
- Expanded mental health services with programs targeted at young people and CALD communities.
Further details on the Government’s support package, including eligibility, will be available at COVID business support 2021.
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