The Government is providing a range of support measures to small businesses in New South Wales impacted by COVID-19.
The first major stimulus package announced on 17 March 2020 includes $1.6 billion in tax cuts, fee waivers and job creation measures that support businesses in New South Wales.
Key elements include:
- a three-month payroll tax waiver for businesses with payrolls of $10 million or less (as part of the second stimulus package, all businesses were given the option to defer payroll tax for six-months);
- bringing forward the next round of payroll tax cuts by raising the threshold limit to $1 million from 1 July (as a cost of $56 million); and
- waiving a range of fees and charges for small businesses, including bars and cafes (at a cost of $80 million).
The second stimulus package was announced on 27 March. This package includes the $1 billion Working for NSW fund which will help sustain business, create new jobs and retrain employees; as well as tax cuts that build on those announced in the first package (up to $4 billion deferred).
The Government has also announced a $.6 million expansion to Business Connect. Businesses can access free webinars and advice on a range of topics including managing cash flow, developing a customised recovery strategy, accessing finance including grants and loans, setting up ecommerce, and marketing businesses to reach new customers.
Small businesses can also seek free, personalised advice from a Business Connect advisor.
The Government has announced two grant programs to assist small businesses impacted by COVID-19:
- the Small Business COVID-19 Support Grant of up to $10,000 to help businesses impacted by the New South Wales Public Health Order of 30 March 2020 cover unavoidable business costs. Applications for this Grant close 30 June 2020;
- the Small Business Recover Grant of up to $3000 to help businesses with costs associated with safely reopening or scaling up their operations. Applications for this Grant will open on 1 July;
- Further information on available grants be found on the Service NSW website: www.service.nsw.gov.au.
The restrictions on premises imposed under Public Health Order which have impacted small businesses have been progressively lifted in accordance with expert health advice.
For example, pubs and restaurants were able to reopen for sit down customers from 1 June 2020 and gyms, beauty salons and nail salons could also reopen.
Restrictions were further eased from 13 June 2020 and, from 1 July 2020, most restrictions will have been lifted, provided small businesses comply with the relevant COVID-19 Safety Plan for their industry.
The Service NSW website provides readily accessible information to help small businesses to comply with COVID-19 safe business requirements.
