With the effects of COVID-19 being felt by millions across the states, businesses and individuals alike are turning to the government for additional support and relief in these financially uncertain times.
Due to the unique situations being faced by different businesses across the states, but with all requiring additional assistance to continue operations, the state governments affected by lockdowns have announced the following measures, programs and relief assistance to be implemented.
The 2021 Covid-19 business grant is a one-off payment of between $7,500 to $15,000, depending on the percentage of lost revenue. A revenue decline of 30% or more is necessary with an annual turnover of above $75,000. Applications have been open since 18 July.
“Jobsaver” is jointly funded by the NSW government and the Commonwealth government, and is a fortnightly payment of between $1,500 to $10,000 a week for entities with an annual turnover between $75,000 and $50m who can demonstrate a 30% decline in turnover.
To be eligible, entities must maintain their current staffing level as of 13 July 2021. For non-employing businesses such as sole traders, the amount will be set at $1,000 a week. Applications are have been open since 26 July 2021.
A micro-business Covid-19 support grant will also be available if you’re a small business or sole trader with an annual turnover of more than $30,000 and less than $75,000, with a 30% decline in revenue. The $1,500 fortnightly payment begins from 26 July.
The NSW government also recently announced that a business fees and charges rebate of $1,500 would be made available to eligible sole traders, small business owners and not-for-profit organisations for recovering from the impacts of COVID-19. The claim only needs to be applied once but can be submitted multiple times until the full amount of $1,500 is reached. The rebate will be available until 30 June 2022, and more information about eligibility and conditions of use for the rebate can be found on the Service NSW website here.
In Victoria, financial assistance is available through Business Victoria. Through the business cost assistance program, an automatic top-up of $2,800 will be made to businesses, increasing the total grant to $4,800.
Micro-businesses not registered for GST will also be eligible for the COVID-19 disaster payment, depending on how many hours were lost.
In South Australia, new business support packages will assist an estimated 50,000 eligible businesses. The grants will apply to businesses with a payroll of less than $10m, with an annual turnover of $75,000 or more and whose turnover has been reduced by at least 30% over the seven days from 20 July 2021 as a result of the lockdown.
Small and medium businesses can apply for a $3,000 grant and sole traders can apply for a $1,000 cash grant.
If COVID-19 has negatively impacted your business’s financial situation, you can come speak to us for advice and planning about how to navigate through these uncertain times. We may also be equipped to assist you with applying for relief assistance or can advise you on what you may be eligible to apply for.