Small businesses or not-for-profit organisations who have experienced a decline in turnover as a result of COVID-19, may be eligible for a small business recovery grant of between $500 and $3000.
Are you eligible? Here are the requirements:
To be eligible for this grant, you must as at 1 March 2020:
- be a small business or a not-for-profit organisation (see guidelines) based in NSW
- have an ABN registered in NSW (make sure all your business details are up to date on the Australian Business Register - this is used to determine eligibility)
- have an annual turnover of more than $75,000 (a Business Activity Statement must be provided as evidence).
Where a small business does not submit a BAS to the Australian Tax Office, and meets all other criteria, the small business should contact Service NSW to discuss further. In these cases, an income tax declaration may be accepted as evidence of an annual turnover of $75,000.
- employ less than 20 full-time equivalent (FTE) staff (non-employing businesses can apply)
- be able to report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
- be in a highly impacted industry by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 (see guidelines)
- have experienced at least 30% decline in turnover from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019
- have costs associated with safely reopening or up-scaling your business from 1 July 2020.