The NSW Government has announced a Small Business Grant to assist businesses impacted by the current COVID-19 restrictions in Greater Sydney.

To be eligible businesses will need to:

• Have an Australian Business Number and be based in NSW.
• Have turnover greater than $75,000 per annum for the year ending 30 June 2020.
• Total annual wages below $1.2 million
• Less than 20 full time equivalent employees

Sole traders who meet the above criteria will also be eligible.

Rent, utilities, wages, and other business expenses can be covered by the grants when no other government support is available.

Based on the decline in turnover experienced during the restrictions period, different grant amounts are available:

• $5,000 for eligible business with a decline in turnover of 30% or more
• $7,000 for eligible business with a decline in turnover of 50% or more
• $10,000 for eligible business with a decline in turnover of 70% or more

Hospitality and Tourism business will also be eligible for the COVID-19 support grant if they meet the above eligibility criteria and have total annual wages below $10 million for 2020 financial year.

It is expected that businesses such as cafes, restaurants, gyms and boutique accommodation providers are to be the most likely recipients.

There NSW Government has also indicated that access to the grant may be expanded to include sole traders and businesses with a turnover of less than $75,000.

More information about the eligibility criteria for these grants will be available soon and applications will be able to be lodged through Service NSW from July 19.

Should you have any questions regarding eligibility or require any assistance with the application please let us know.