Government Business and Individual Support – What’s Available Today?
Business Support – What’s available today?
There are currently three grants available for business:
1. 2021 COVID-19 Business Grant
- A one-off payment to help businesses with cashflow support for the first 3 weeks of lockdown. Grant varies from $7,500 up to $15,000 depending on the decline in turnover.
- To be eligible your business must demonstrate a revenue decline of 30% or more, aggregated annual turnover between $75,000 and $50 million, and payroll up to $10 million.
- Need to compare a 2-week period from 26 June 2021 to 17 July 2021 compared to the same period in June and/or July 2019
- Applications open on 19 July 2021 and close at 11:59pm on 13 September 2021.
To be eligible for the grant, you must:
- have an active Australian Business Number (ABN)
- demonstrate your business was operating in NSW as at 1 June 2021
- have had total annual Australian wages of $10 million or less as at 1 July 2020
- have had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020
- have business costs for which there is no other government support available
- maintain your employee headcount as at 13 July 2021. See the guidelines for definitions.
Please see detailed Eligibility guidelines here
What you need
- a MyServiceNSW Account
- your proof of identity
- your valid ABN/ACN number
- your business banking details for payment
- Australian income tax return or Notice of Assessment
- qualified accountant, registered tax agent or registered BAS agent details.
How to apply
- Check you meet the eligibility criteria.
- Have your documentation and evidence ready for uploading.
- Note: You cannot save and resume your application once you’ve started.
- Select the ‘Apply online’ button.
- Log in, or create your MyServiceNSW Account.
- Select and verify your identity documents.
- When your identity is verified, select ‘Continue’.
- Confirm your personal details.
- Enter your business details and answer the eligibility questions, then select ‘Next’.
- Provide information about your decline in turnover and upload your supporting documentation, then select ‘Next’.
- Enter your bank details, then select ‘Next’.
- Review your application.
- Check the declaration boxes.
- Select ‘Submit’ to complete your application.
- Fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses
- Employing businesses: 40% of weekly payroll, with a minimum payment of $1,500 per week and a maximum payment of $10,000 per week
- Non-employing business: $1,000 per week.
- To be eligible your business must demonstrate a revenue decline of 30% or more, and annual turnover between $75,000 and $50 million.
Applications open late July, get notified here
3. Micro Business Grant
- A fortnightly payment of $1,500 for businesses with a turnover between $30,000 and $75,000.
- To be eligible your business needs annual turnover of $30,000 to $75,000, revenue decline of 30% or more and the businesses must provide the primary income for a person associated with the business.
Financial Support for Individuals and Households
The Australian Government have payments and support if you’re affected by COVID-19. They have developed a payment guide to check what you can get.
Australian Government payments and support
To find out about these and other payments, visit Services Australia’s payments and services during coronavirus.
Other support provided:
The team are here to help you. If you have any questions, please reach out to your accountant.