Earlier this year the New South Wales Government announced Small Business Recovery Grant in order to help provide some relief for NSW businesses hit hardest by COVID-19.
As at March 2020, eligible small businesses, not-for-profits, and other business types that have fewer than 20 Full Time Equivalent staff (including non-employing businesses, such as sole traders) as at 1 March 2020 can apply for recovery grants of $500 to $3000.
In order to be eligible, business must be able to provide evidence of a decline in turnover of at least 30 per cent from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019.
The cash boost is intended to help small businesses get 'back to business' by meeting the costs of safely reopening or upscaling operations, which may require:
- making fit-out changes
- providing staff training and counselling
- covering advertising and communications expenses
- purchasing cleaning products or services
Importantly, the grant can only be used for purchases of eligible expenses made from 1 July 2020, where no other government support is available.
If you think your business could be eligible, we recommend confirming your eligibility and applying online with Service NSW before 11:59pm AEST on Sunday 16 August 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.