COVID-19 Business & Individuals support update
There has been an update on the relief available through NSW and the Commonwealth Government in light of the changing situation in NSW.
The Commonwealth Government is increasing support available to individuals with reduced working hours due to lockdown provisions from $500 per week up to $600 with a loss of 20 hours or more; and from $325 per week to $375 for those with a loss of hours between 8 – 20 hours. There is a staggered eligibility period based on when you became affected, the NSW Government is also supplementing this to provide coverage state wide for these payments to individuals. There was also an announcement last week which waived the Liquid Assets Waiting Period, reducing the need for draw down on cash and other liquid financial assets before accessing the Commonwealth support.
On top of the supplement above, the NSW government is providing relief payments to businesses affected with eligible entities able to receive 40 per cent of their NSW payroll payments at a minimum of $1,500 and a maximum of $10,000 per week. The new relief will be made available to non-employing, employing entities and non-for-profits with an annual turnover between $75,000 and $50 million in NSW. The key eligibility test is 30 per cent lower turnover than an equivalent two week period in 2019. The assistance will cease when the current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed.
Additional measures have been announced:
NSW small business grants, including new small business payments will be tax exempt.
Providing administrative relief to NSW taxpayers facing hardship, including reduced payment plans, no interest charged on late payments and varying instalments on request.
Specific hospitality/tourism grants are also available through Services NSW
You can find further information on the following websites:
COVID-19 Disaster payment: https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19-disaster-payment
Services NSW COVID-19: https://www.service.nsw.gov.au/campaign/covid-19-help-businesses
Services NSW COVID-19 business grants: https://www.nsw.gov.au/covid-19/businesses-and-employment/grants-and-loans/2021-covid-19-support-package
Prime Minister’s announcement: https://www.pm.gov.au/media/nsw-covid-19-support-package-0