Government Releases Support Package for Small Businesses Doing it Tough

For the month of February, the NSW Government are offering a lump sum payment to eligible businesses under its newly introduced Small Business Support Program (SupportProgram). The purpose of the Support Program is to assist in alleviating the financial burden on businesses brought about by the Omicron COVID-19 strain.

What do you get?

If eligible, you can expect to receive a lump sum payment equal to 20% of your weekly payroll.

The minimum payment is $750 per week, paid as a lump sum of $3,000. The maximum payment is $5,000 per week, paid as a lump sum of $20,000.

Eligible non-employing businesses will receive $500 per week, paid as a lump sum of $2,000.

What is the eligibility criteria?

Your business or not-for-profit organisation may be eligible for the Support Package if you:

1. experienced a turnover between $75,000 and $50 million for the year ended 30 June 2021 or 30 June 2020;

2. experienced a decline in turnover of 40% or more due to public health orders or the impacts of Omicron during January 2022, compared to January 2021 or January 2020;

3. experienced a decline in turnover of 40% or more due to the impacts of Omicron from 1 to 14 February 2022, compared to the same fortnight in February 2020 or February 2021; and

4. maintain your employee headcount as of 30 January 2022.

How to apply?

Applications open from mid-February 2022 through Service NSW.

Once received and approved by Services NSW, payment should be received within 5 to 15 days of applying.

If you have any questions about the recent government support packages or whether you are eligible, Henry William Lawyers can assist. Feel free to contact us.