Latest Support for Small Businesses Impacted by Covid

Posted 2 Feb '22

Latest Support for Small Businesses Impacted by Covid

The NSW Government has announced a new Small Business Support Program as well as additions to previously introduced support program to help those small business hardest hit by the Omicron wave.

Under the Small Business Support Program, eligible businesses will receive 20 per cent 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. Businesses will be able to apply through Service NSW from mid-February.

The Small Business Fees and Charges Rebate has been increased from $2,000 to $3,000. In addition, eligible employing small businesses will be able to use the rebate to cover half the cost of Rapid Antigen Tests (RATs). The funds can be also be used for other other Government fees and charges such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use. Already registered businesses will receive an automatic top up of $1,000 and newly registering businesses will receive a rebate of $3,000.

Under the Commercial Landlord Hardship Grant up to $3,000 per month per property is available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided.

The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022.

The Program is expanded in 2022 to landlords who claimed the 2021 land tax relief.

The Performing Art Package has been extended to April 2022. This package provides financial support to relaunch the performing arts sector in line with the NSW Government roadmap to recovery.

Further information on these support measures can be found at https://www.nsw.gov.au/covid-19/business/financial-support/grants-and-loans

Our WDF Professional team is available by telephone, email or zoom to help determine your eligibility for this support and to assist with your questions relating to the above information. Phone 02 6921 5444 or email accountants@wdf.com.au

As accountants based in Wagga Wagga, we don't just crunch numbers and put figures in boxes, we provide a carefully researched and tailored accounting solution that suits all of our clients.