Government grants now available for businesses to ‘lift-off’ after lockdown

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Lockdown restrictions have left business owners grounded across NSW, but a recent rollout of government grants could be just what you need to refuel and get your company flying high again.

If your revenue has been impacted at all, even if you’re located outside of the Greater Sydney area, there are a number of financial support packages for which you could be eligible. Applications are already open, so if you want to get yourself back on the runway, have a look at what you can take advantage of below.

Business Grants

Currently, the NSW government is offering one-off, tax-free Covid-19 Business Grants based on revenue loss during lockdown. With up to $15,000 of compensation available, any impacted company within NSW should be applying for this.

Small-scale operations aren’t being overlooked, either. For businesses earning between $30k to $75k annual turnover, a Micro Business Grant is being rolled out to provide fortnightly tax-free payment of $1,500. Grants for accommodation providers are on the horizon as well, expected to be announced at the end of July.

JobSaver Scheme

Replacing JobKeeper, applications for the JobSaver scheme have just opened for businesses with $75k annual turnover or higher. Again, this will offer tax-free weekly payments to offset the cost of retaining staff. To be eligible, you need only to show a 30% or more decline in revenue and you will be compensated for 40% of your weekly payroll costs. The minimum payment is $1,500, but goes all the way up to a maximum of $10,000 per week.

Payroll Tax Breaks

The NSW government has announced that businesses will be able to defer upcoming payroll tax payments until 7 October 2021. The deferred payments can be paid gradually over an interest free 12-month repayment plan.

Also, for businesses again experiencing a 30% or more loss in revenue, a 25% reduction in FY22 payroll tax has been promised.

How to apply

Check the NSW government website for up-to-date info on the application process. Or have a look at this simple breakdown to discover what’s available to you.

Spark stands by NSW businesses, and we hope this connects you with the support you need to get you through this lockdown period.

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