Small business grant of up to $10,000 still doesn’t help all

Damien TudehopeDamien Tudehope MLC - NSW Minister for Finance & Small Business

Struggling small businesses will receive a grant of up to $10,000 in a State Government assistance scheme to help them through the coronavirus shutdown.

The government will put $750M into the Small Business Support Fund as the centerpiece of the third wave of support measures to keep small businesses afloat.

“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,” NSW Premier, Gladys Berejiklian, said.

Wyong Regional Chamber of Commerce President, Matt Lusted, said he was pleased to see the state government taking further steps to support the small business community, especially those which have “fallen through the cracks” of other support packages.

“It is vitally important that doors are kept open and people continue to be employed by small business,” he said.

“Sound financial advice and support is vital to keep our local economy surviving through this crisis.”

Eligible businesses with fewer than 20 employees can apply for the grant of up to $10,000.

To be eligible, businesses will need to have a turnover of more than $75,000, a payroll below the NSW Government 2019-20 payroll threshold of $900,000, have an Australian Business Number as at March 1 and be based in NSW, and employ staff as at March 1.

Businesses will need to provide appropriate documentation that they are highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020, which was issued by the government on March 30.

Grant applications are available through Service NSW until June 1.

However, this still hasn’t helped sole traders who only have themselves and possibly family but no employees and it hasn’t helped many business who can’t get to a $75,000 turnover.

Source: Media statement, Apr 23, 2020 – President, Matt Lusted – Wyong Regional Chamber of Commerce – Business NSW newsletter, Apr 6, 2020.