Small businesses and not-for-profit organisations suffering due to COVID-19 have until 1 June to apply for additional financial support. Is your business eligible?
Small businesses adversely affected by COVID-19 may be eligible for additional financial support from their state government but deadlines are closing fast.
The New South Wales, Victorian and South Australian state governments are providing one-off grants of up to $10,000 to support small businesses and not-for-profit organisations heavily impacted by public health orders that restrict public gatherings and movement.
The eligibility rules vary from state-to-state but broadly reflect the eligibility criteria for the federal government’s JobKeeper Payment Program with applications closing on 1 June 2020.
Generally, businesses must meet the following criteria:
- Employ staff;
- Subject to closure or highly impacted by COVID-19 restrictions;
- Annual turnover of over $75,000;
- Total payroll below $650,000 in Victoria, $900,000 for NSW and $1.5 million in SA; and
- A significant decline in year-on-year revenue.
The grants target businesses operating in the hardest hit sectors such as retail, hospitality, tourism, media, arts and recreational services.
It is intended that additional funds be used to cover unavoidable expenses such as utilities, council rates, insurance premiums and professional advice.
While the small business support grants have received relatively little publicity compared to the JobKeeper and JobSeeker schemes, they will provide welcome relief for many small businesses.
In NSW, applications must be submitted via www.service.nsw.gov.au/.
In South Australia, applications must be submitted via www.treasury.sa.gov.au.
To find out if your business is eligible for a small business support grant, please contact Azlin Lutfi, Accounting Partner, on 02 9222 1422.
For additional information on state government business support grants, see below.
|State||Business Support Grant||Deadline|
|WA||Various SME grants up to $17,500||Automatic|