Business NSW and the NSW Small Business Commissioner have both reported that a support package from the Federal and State Governments is a has been formally announced by the Prime Minister and Premier. According to their offices and the office of the NSW Premier, the package includes:
- The extension of the existing NSW Business Grants package for a third lockdown week
- Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover
- A “JobSaver” employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week from lockdown week 4 onwards, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 per week
- $1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover where business is the primary source of income
- Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses (payroll between $1.2 and $10 million) that have suffered a 30% revenue decline
- A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants
- Up to 100% land tax concessions for commercial landlords who provide rent relief
- An increase in the payment amount for stood down workers via the COVID-19 Disaster Payment Scheme. It’ll go from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas
- Expanded mental health services with programs targeted at young people and CALD communities
- reduction incentives.
“Business NSW has been working closely with both the State and Federal Governments over the past week on this package, particularly around what more could be done for business owners to retain their employees, and it’s great to see this package rolled out that will support the doors staying open and staff keeping their jobs,” said Business NSW Chief Executive Daniel Hunter.
“What is crucial now is for the support money to start flowing as quickly as possible – the Government has assured business applications will open later this month with the money to be paid days after that,” Mr Hunter said. “The impact the lockdown has had on the mental health of business owners has been heartbreaking to see, as many business owners have closed the doors, unlikely to ever reopen. It’s also important to highlight that although Greater Sydney has been in lockdown, the impact to regional businesses has been immense, as they’ve missed out on the strong school holiday trade, as well as a lack of forward bookings.”
“This support will give business owners the opportunity to retain their staff and give them the best chance to rebound their operations when the lockdown finishes,” Mr Hunter said.
The ABC reported this morning that the federal and NSW governments had finalised the details of a join federal and state funding package to help small businesses affected by the extended pandemic lockdowns in the post-JobKeeper environment, and that funding would be contingent on keeping staff on payroll to avoid mass lay-offs.
It also confirmed that the COVID-19 Disaster Payment, which was launched to help individuals who lost income during the last Victorian lockdown, will be increased by approximately 20% per week.
Professional Beauty will have updates as more details become available, with information on how small beauty businesses can apply, eligibility criteria and valid links to government sites to submit funding applications and find more information.
Get our coverage of latest COVID-19 restrictions affecting beauty businesses across Australia, Small Business COVID-19 Support Grant and the COVID-19 Disaster Payment.
For now, you are able to register your interest in funding at the Services NSW site and can apply to previously launching funding programs there too.
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