How super crazy are our lives right now? Nobody knows what direction their business is moving in, many are confused by all of the different Government subsidies and grants on offer, and trying desperately to maintain staff morale – all the while wondering if at the end of this latest COVID-19 outbreak we will in fact have a business to return to.
There is light for some… On Tuesday 13 July 2021, the Australian Federal Government confirmed that it will be stepping up and helping the NSW business community and its employees with additional financial support.
COVID-19 Disaster Payment
The current COVID-19 Disaster payment, which is available to employees who have been stood down or on reduced hours due to the current NSW lockdown has been increased:
If you have lost between 8 to 20 hours of work per week – from $325 per week to $375 per person per week
If you have lost more than 20 hours or more per week – from $500 per week to $600 per person per week
Application for the COVID-19 Disaster payment is made through your MyGov account, or by following this link: https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19-disaster-payment/how-claim#a1
The amount claimable for those who have been directed by NSW Health to isolate, or those who are required to look after somebody who has COVID-19 has not changed. For each 14 day period that you are required to isolate or quarantine, or care for somebody with COVID-19 you are eligible to receive $1,500.
Find out further information by following this link, including how to claim: https://www.servicesaustralia.gov.au/individuals/services/centrelink/pandemic-leave-disaster-payment-new-south-wales/how-claim
Small Business COVID-19 Support Grant
One off grants are available to businesses with turnover of over $75,000 and who are registered for GST with fewer than 20 full time employees, and who have been trading for over 12 months:
$7,500 if a decline in turnover of 30%
$10,500 if a decline in turnover of 50%
$15,000 if a decline in turnover of 70%
Business Support Payment
The 2021 COVID-19 Support Package for sole traders and businesses has also been updated:
Businesses with turnover between $75,000 and $50,000,000 who can demonstrate a 30% decline in turnover as compared to the same time in 2019 may be eligible to receive $1,500 to $10,000 – this is calculated based on 40% of the business’s payroll amount. Eligibility relies on the requirement of being able to maintain their full time, part time and long term casual staffing levels as of 13 July 2021.
If you are a sole trader, with no employees, you may be eligible for a $1,000 per week cash boost.
Micro Business Support Payment
Businesses with turnover between $30,000 and $75,000 who can demonstrate a 30% decline in turnover as compared to the same time in 2019 may be eligible to receive $1,500 per fortnight.
Full eligibility criteria is to be released soon, with applications opening on 19 July 2021.
Express your interest in the Business Support Packages by registering via this link: https://www.service.nsw.gov.au/covid-19-business-support-2021