NSW Government announces $1bn support package for struggling NSW small businesses.
Targeted package provides support for businesses that experienced cash flow issues and the immediate economic impacts of the Omicron outbreak.
Key points:
- Business support to help reimburse the cost of rapid antigen tests
- Extension of the Commercial Landlord Hardship Grant
- Additional funding for the performing arts sector.
Businesses, workers and the performing arts across NSW are all set to benefit from a major financial support package of more than $1 billion to help those that have been hardest hit by the Omicron wave.
The package includes financial support for small business to buy rapid antigen tests (RATs) to help keep employees safer and a new Small Business Support Program to assist businesses to help keep workers employed.
Whilst COVID-19 case numbers are now declining, the NSW Government is determined to support businesses that have been most affected during the Omicron wave of the pandemic.
Small Business Support Program
Employing businesses with an annual turnover of between $75,000 and $50 million, who have experienced a decline in turnover of at least 40%, will receive a lump sum payment covering up to 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022. The minimum weekly payment for employers will be $750 per week.
Eligible non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
The support package only covers the month of February 2022. Applications for support are expected to open mid-February and we are awaiting further details to be provided by Service NSW.
NSW fees and charges rebate increased and extended to RAT tests
In addition, the existing Small Business Fees, Charges and Rebate will be increased by 50% from the current $2,000 limit to $3,000 and employing businesses will be able to use the rebate to obtain RATs. This will support worker availability by helping reduce costs to small businesses and enabling healthy staff who have been exposed to COVID-19, but test negative, to return to work.
Commercial landlord relief extended
The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022. This regulation prohibits certain actions by landlords (such as lockout or eviction) unless they have first renegotiated rent with eligible tenants and attempted mediation.
NSW Performing Arts Package extended
The existing NSW Performing Arts COVID Support Package has been extended until April 2022. See CreateNSW for full package details.
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