Small businesses in New South Wales now have another four weeks to apply for the state government’s Small Business Support Program.
Announced in late January, the program provides payments of up to $5000 a week for eligible businesses that saw their turnover plummet in January 2022 and early February due to the Omicron outbreak.
Applications were due to finish this month, however, the deadline has now been extended to April 29, 2022.
To be eligible, businesses must have experienced a decline in turnover of at least 40% in January and early February, compared to the previous year, and must have annual turnover of between $75,000 and $50 million.
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Employing businesses can apply for payments equivalent to 20% of their weekly payroll, with the minimum set at $750 per week. Non-employing businesses and sole traders can apply for a weekly payment of $500.
Businesses will receive one lump sum payment for the four weeks period of February 2022.
As the NSW Small Business Commission explains, the payments can be used to cover business costs such as salaries and wages, utilities and rent, perishable goods, professional advice and marketing and communications.
The Small Business Support Program was part of a broader $1 billion funding package announced by the NSW government to help businesses hardest hit by the Omicron COVID-19 outbreak and associated ‘shadow lockdown’. This package also included an increase to the Small Business Fees and Charges Rebate scheme and dedicated support for businesses in the performing arts sector.
More information about the small business payments, including eligibility criteria, is available here.