NSW determined to keep thousands of small businesses afloat during COVID-19
The third wave of support measures from the NSW Government will see $750m into the Small Business Support Fund. It’s promised that grants (up to) $10,000 will be received by thousands of small businesses.
Promising to get “cash into small businesses when they are struggling right now”, NSW Premier Gladys Berejiklian’s method is based on recent bushfire relief funds that had money hitting small businesses within 10 days of launching. “We will make the application process easy to ensure small businesses can receive cash-flow as soon as possible.”
Eligibility requirements are:
- 1-19 employees
- $75,000 or more in turnover
- You’ll need an ABN, be registered in NSW and have had staff on the books since 1 March 2020
- Use the funding for unavoidable business costs. This covers utilities, legal costs, overheads and financial management advice.
- You will have to provide documentation that COVID-19 gathering restrictions have negatively impacted your business.
- Applications will be made via Service NSW within two weeks and be available until 1 June 2020
BridgePoint Group’s MD Neil Parker says there are no eligible businesses that would say ‘no’ to the grant. “Quite whether it’s enough, even in the context of the various other State and Federal stimuli that have been announced, time will tell. But if they can get it into the hands of struggling business owners quickly, it may just keep the lights on until more help arrives.”
Asked about the scattergun, news-bite-worthy announcements we have witnessed in recent weeks, Mr Parker said: “It’s churlish to be too critical in the current circumstances, but it does feel like a series of band-aid solutions being hurriedly applied without much co-ordination between the State and Federal Governments. They are undoubtedly doing their best and history may yet judge them well, but as the announcements keep coming. I can’t help wondering if a more coordinated approach would generate a better and more targeted result for less money.”
If you need any clarification or assistance with regards to any the of the recently released stimulus packages, please email or call BridgePoint Group on 1300 656 141.
For more insights concerning what other stimulus packages that have been released, read out our recent articles here.