Cafes, restaurants, corner shops and gyms are among thousands of small businesses in NSW which may be eligible for grants of up to $10,000 from the state government to stay afloat during the coronavirus shutdown.
The $750 million Small Business Support Fund was announced on Friday by Premier Gladys Berejiklian and Treasurer Dominic Perrottet.
Ms Berejiklian said the new fund was based on the hugely successful scheme, which was rolled out during the recent NSW bushfires, which provided $42 million to 4200 businesses within the first ten days of launching.
"This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation," she said.
"These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs."
Mr Perrottet said the fund was designed to provide help fast and would benefit tens of thousands of businesses across NSW.
"Many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply," he said.
"We have the structures in place after the bushfires and expect to see this money rolling out the door shortly.
"This is real, rapid relief for tens of thousands of businesses and it will help ensure many businesses that are not eligible for payroll tax waivers and deferrals can live to trade another day."
To be eligible, businesses need to:
- Have between 1-19 employees and a turnover of more than $75,000;
- A payroll below the NSW Government 2019-20 payroll tax threshold of $900,000;
- Have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020;
- Be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020;
- Use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice;
- Provide appropriate documentation upon application.
Applications will be available through Service NSW within a fortnight and remain open until 1 June 2020.