If your business has been adversely impacted by the recent lockdown in NSW, support is available but there are limitations.

The NSW Government has announced new grants of up to $10,000 for businesses adversely impacted by the recent COVID-19 lockdowns. Eligibility for the grant is streamed into general business, and hospitality and tourism. The full details of the grant and the eligibility criteria have not been released as yet but here is what we know so far:

You need to prove a decline in turnover

The value of the grant is determined by the impact of the lockdown on your turnover. Your business will need to prove a decline in turnover across a minimum 2 week period after the commencement of the major restrictions.

Decline in turnover Grant

70% $10,000

50% $7,000

30% $5,000

For some clients, particularly those who have been unable to trade at all during lockdown, proving the decline in turnover should be reasonably simple. For others, we will need to work with you closely once the parameters for the decline in turnover test are known, to determine if you can access the grant.

Small business COVID-19 support grant

The grant is limited to businesses (including sole traders) with:

· A NSW registered ABN or able to demonstrate they are physically located and primarily operating in NSW; and

· Turnover of more than $75,000 pa; but

· Below the NSW Government 2020-21 payroll tax threshold of $1.2m as at 1 July 2020; with

· Fewer than 20 full time equivalent employees

Hospitality & Tourism COVID-19 Support grant

The grant is limited to tourism or hospitality businesses with:

· A NSW registered ABN or able to demonstrate they are physically located and primarily operating in NSW; and

· Turnover of more than $75,000 pa; and

· An annual Australian wages bill below $10m as at 1 July 2020.