The latest Covid wave has continued to cause disruption for many businesses. Today, most people we know either have Covid, are recovering from Covid, have spent time in iso or know someone who had it. There are not too many people across NSW that Omicron has not touched.
With so many businesses hurting as they start 2022, the NSW Government have announced new programs, grants and rebates to support business recovery in NSW with a $1 billion support package for small to medium businesses.
It’s important to flag that one package is brand new, some are extensions, one is an expansion and then some are reminders for programs previously announced. Obviously, the NSW Government was keen for the $1 billion headline in the Sunday news cycle!
2022 Small Business Support Program (NEW)
Eligible businesses with a turnover of between $75,000 and $50 million that experienced a minimum 40% decline in turnover in January 2022 and the first fortnight of February 2022, can apply for support through this program.
Employing businesses will be eligible to receive 20% of weekly payroll as a lump sum for the month of 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 $2,000.
The 2022 Small Business Support Program is for the month of February only with businesses being able to apply through ServiceNSW from mid-February in 2022 with expected payment dates being 5 -15 days from application.
Further details are to be expected as to how the decline in turnover is measured together with other requirements, however, it is likely that the requirements will follow the Jobsaver program recently implemented by the NSW Government.
