The NSW State Government has announced a new COVID Small Business Support Program to assist small to medium businesses who experienced immediate economic impact due to the recent Omicron wave.
This program is being introduced to provide assistance with business expenses allowing small businesses to continue trading and keep their staff employed by covering up to 20% of their weekly payroll. It also includes financial support to buy rapid antigen tests (RATs) to help keep their workers safe.
The Small Business Support Program is open to those with an annual turnover between $75,000 and $50 million who experienced at least a 40% decline in turnover during January 2022 – and the first two weeks of February 2022.
- Eligible employing businesses will receive a lump sum payment of 20% of weekly payroll for February with a minimum payment of $750 per week and a maximum payment of $5,000 per week.
- Non-employing businesses will receive $500 per week, paid as a lump sum of $2000.
- After submitting complete and eligible applications through Service NSW, applicants should receive a payment within 5 to 15 days of applying.
- Businesses will be able to apply through Service NSW from mid-February in 2022.
- The 2022 Small Business Support Program is limited to the month of February only.
In addition, the existing Small Business Fees, Charges and RAT Rebate will be increased by 50% from the current $2,000 limit to $3,000 (in late March 2022) and employing businesses will be able to use the rebate to cover half the cost of Rapid Antigen Tests (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.
Read More on the Small Business Fees & Charges Rebate
COVID-19 Extended Grants, Rebates and Packages
The following Grants, Rebates, and Packages have been extended by the NSW government
Small Business Fees, Charges & RAT Rebate
The existing Small Business Fees and Charges Rebate will increase from $2000 to $3000 in late March 2022. It will allow employing small businesses to use the rebate against the costs of RATs.
Eligible small businesses can claim government fees and charges incurred from 1 March 2021 to 30 June 2022.
Performing Arts Relaunch Package
Providing funding to entities and performing artists in NSW that are impacted by COVID-19 and are unable to access other financial support, this package is an extension of the original Performing Arts COVID Support Package and will now run until 30 April 2022.
Commercial Landlord Hardship Grant
The Commercial Landlord Hardship Grant has been extended until 13 March 2022, following new legislation under the Retail and Other Commercial Leases (COVID-19) Regulation 2021.
Helping eligible small landlords who have been affected by COVID-19, the grant of up to $3000 per month (GST inclusive) is available to Landlords who have provided rental waivers to affected tenants.
Applications for eligible landlords who provided rent relief from 15 November 2021 to 13 January 2022 will open in early February.
Safety Plans and Business Rules
Under WHS law, all employers/businesses must assess and manage the risk of COVID-19 to workers and others in the workplace.
Businesses and organisations can use Safety Plans to get back to work while preventing the spread of COVID-19. These Safety Plans outline the actions your business can take to minimise the risk of a person with COVID-19 entering the workplace and spreading it to others.
To complete the relevant COVID-19 Safety Plan for your business click HERE.
Employers and businesses must comply with NSW public health orders and follow the business rules. Click HERE to keep up to date on the rules and restrictions.
We are always happy to help. If you need information or have questions on the above,
please contact one of our helpful accountants on (02) 4365 6789 or email us at [email protected].