As we start to begin the next chapter of this year with the threat of Covid-19 subsiding and small businesses eager to keep us out of the impending recession, the NSW Government has announced a new grant to assist the recovery and reform process.
The Small Business Recovery Grant provides funding of up to $3,000.00 for small businesses who are re-entering the market post Covid-19 closures as restrictions begin to be lifted.
Applications are set to open from 1 July 2020 until 16 August 2020 utilizing the remaining funds left in the Small Business Support Fund, initially allocated $750 million. This grant is set to have an easy online application process getting businesses the money they need hassle-free.
Eligibility criteria for businesses and not-for-profits include:
- Must have an Australian Business Number registered in NSW as at 1 March 2020;
- Must have wages must be less than $900,000 as at 1 March 2020;
- Must have less than 20 Full Time equivalent staff as at 1 March 2020;
- Must have an annual turnover of more than $75,000 as at 1 March 2020;
- Must have experienced a decline in turnover of at lease 30% from March 2020 – July 2020 compared to an equivalent period of at least two weeks in 2019;
- Must be in an industry highly impacted by the restrictions on gathering and movement orders as at 1 March 2020; and
- Must have costs from 1 July 2020 associated with safely re-opening or scaling up your business.
The intention of the Government is to focus on reforming the Australian economy as opposed to simply recovering from the impacts of Covid-19. The Government believes that the most effective way to boost our wider economy involves investing in small businesses and thereby creating more jobs.
The above information is intended as general information and is not intended to be relied on as legal advice. If you would like to assess your eligibility for the Small Business Recovery Grant or are looking at other schemes that you may be eligible for, call one of our experienced lawyers now on (02) 9920 1787 to find out how we can best assist you in these difficult but hopeful times.
Pannu Lawyers extensively practice in commercial law including retail, commercial leases, franchising and purchasing or selling a business.
