By Apr 15, 2020 External CFO News

Small businesses heavily impacted by COVID-19 restrictions on movement and gatherings will be able to access grants of up to $10,000 within a few weeks. The grants are strictly to cover unavoidable costs such as utilities, overheads, legal costs and financial advice.

To be eligible for the grants, your business must be based in NSW and:

  • Have both an ABN and between 1 and 19 employees as at 1 March 2020
  • Have an annual turnover of more than $75,000
  • Payroll below the NSW 19/20 payroll tax threshold of $900,000

The grant is only applicable to those highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020. Businesses will need to demonstrate a decline of at least 75% in turnover compared to the same two-week period in 2019.

Highly impacted industries include:

  • Retail trade
  • Accommodation and food services
  • Rental, hiring and real estate services
  • Administrative and support services
  • Arts and recreation services.

The Grant Application form and full requirements will be available on the Service NSW website by 17 April 2020 and will remain available until 1 June 2020. More information and access to the application form when available can be found here.

Keeping Co. is a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together to provide a complete solution for the Australian Small to Medium Business owner. 

The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained. We are here to help, contact us today.

1300 533 787

service@keepingcompany.com.au

For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.

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