New Omicron Business Grant for Small Business

Over the weekend, the NSW Government announced a new support package for small businesses in NSW that have been affected by Omicron.

Details of the support package are:

1. To be eligible, businesses need to have a turnover between $75,000 and $50 million per annum (inclusive) for the year ended 30 June 2021.

2. Businesses must have experienced:

• At least a 40% decline in income in January 2022 due to public health orders and COVID-19 compared to January 2020 or January 2021.

• At least a 40% decline in income between 1 February and 14 February 2022 when compared against the same fortnight in February 2020 or February 2021 (using the same comparison year that was used to calculate the decline in income for January 2022) due to public health orders and COVID-19.

3. Businesses with employees will be eligible to receive grants equivalent of up to 20% of their weekly payroll, with a minimum of $750 per week, to a maximum of $5,000 per week, subject to those businesses maintaining the same number of employee headcount as at 30 January 2022 while receiving the grant.

4. Businesses that do not have employees will be eligible to receive $500 per week, to be received as a lump sum of $2,000.

This support is available in February only, and eligible businesses can apply through Service NSW from mid-February 2022, with payments expected to flow through between 5 and 15 days after the application is received.

The NSW Government also announced the expansion of the small business fees and charges rebate, increasing it from $2,000 to $3,000 in late March 2022. Eligible businesses can apply through Service NSW for this rebate of government fees and charges incurred between March and June 2022. For businesses that have already registered, they will receive the $1,000 top up automatically.

Also announced was the extension of the Commercial Landlord Hardship Grant until 13 March 2022.

If you would like more information on these latest assistance packages, please contact our friendly team at H & M Accountants.