NSW Small Business Recovery Grant: What You Need to Know
On Tuesday 16th of June, the NSW Government announced a new recovery grant of up to $3,000, to assist small businesses with their safe re-opening, post COVID-19 lockdown.
Purpose of the grant
The Small Business Recovery Grant is aimed to directly support small businesses that are re-opening post COVID-19, to kickstart business operations, re-engage employees and put forward a ‘new normal’.
The grant can assist businesses with areas such as:
- Health and safety requirements
- Marketing costs
- Advertising costs
- Staff training and more.
For a detailed explanation of the recovery grant, please click here.
The funds for the Small Business Recovery Grant have been made accessible from the existing $750 million Small Business Support Fund, which closes on Tuesday 30th June 2020.
Eligibility for the grant
To be eligible for the Small Business Recovery Grant your business must meet the following criteria:
- Your business must have an ABN registered in NSW as of 1st March, 2020
- Your business’s combined Australian wages must be below the NSW Government 2019-20 payroll tax threshold of $900,000 as of 1st March 2020
- Your business must have less than 20 full-time (or equivalent staff) as of 1st March 2020
- The annual turnover of your business must be more than $75,000 as of 1st March 2020
- Your business must have experienced a decline in turnover of at least 30 per cent from March to July 2020, in comparison to the equivalent period (of at least two weeks) in 2019
- Your business must be deemed a highly impacted industry as of 1st March 2020 as per the COVID-19 Restrictions on Gathering and Movement Order 2020
- Your business must have costs from 1st July 2020 that are in direct relation to the safe re-opening or scaling up of your business
How to apply for the grant
Applications for the Small Business Recovery Grant will open on Wednesday, 1st July until Sunday, 16th August on the Service NSW Website.
If you have any questions regarding the NSW Small Business Recovery Grant; or would like assistance with your application or supporting documentation, please contact your Allan Hall Business Advisor on 02 9981 2300.