We now have further details on the NSW Government Covid-19 Business grant.
If you are an eligible business that satisfies the decline in turnover test you will receive one of the following:
- $15,000 for a decline in turnover of 70% or more
- $10,500 for a decline in turnover of 50% or more
- $ 7,500 for a decline in turnover of 30% or more
Eligible businesses including sole traders will be eligible for the grant if they meet the following criteria:
- Have an ABN registered in NSW or can demonstrate that they physically located in NSW as at 1 June 2021
- Have total annual wages below $10 Million
- Have an aggregated turnover of between $75,000 and $50m for the year ended 30 June 2020
- Have business costs for which there is no other government support available
- Maintain their employee headcount as at 13 July 2021 which the business is receiving payments under this grant and Job saver Scheme
Businesses that not eligible
A business will not be eligible if any of the following criteria apply:
- the entity is a non-employing business (Sole director company/sole trader) if persons associated with the business, and who derive income from it, have applied for, or are receiving, the Commonwealth COVID-19 Disaster Payment.
- the entity is a company in liquidation or provisional liquidation.
- the entity is an individual who has entered bankruptcy.
- the entity has been found to have been engaged in fraud.
- the entity primarily earns passive income (rents, interest, or dividends).
The decline in turnover is calculated by comparing the business’s turnover over a minimum two-week period from 26 June 2021 to 26 July 2021, to the same period in 2019 financial year.
There a number of circumstances where the above criteria my not be satisfied by your business including:
- You were a new business incorporated post June 2019. I.E A new business.
- Turnover in the June/July 2019 year was not representative of the businesses usual turnover
- Your business operated through a trust structure.
There is a special application for business’s that fall into the above category. We recommend you contact our office to discuss.
The Application Process
Applications are now open through the 13th of September 2021.
Prior to applying you will need the following:
- A MyserviceNSW account. If you don’t have one you can apply for on via this link https://account.service.nsw.gov.au/createaccount.
- 2 Proof of identity documents. This is generally your Australian Driver licence/Medicare Card/Australian Passport/Australian Birth Certificate
- Valid ABN/ACN Number
- Your accountant’s details
You may need a letter from us in respect of your decline of turnover of test if the either of the following apply:
- Your business is not on the highly impacted industries list. This applies to all 3 grants. A link to the list is here https://www.service.nsw.gov.au/2021-covid-19-business-grant-guidelines#attachment-a-list-of-highly-impacted-industries
- Your business is on the highly impacted industries list and you are applying for the $15,000 grant.
Once you have the above please log into your MyServiceNSW account and complete the application process.
Please contact our office should you need any assistance with the above.