The NSW Government has announced a comprehensive economic support package worth billions of dollars aimed at helping businesses and people right across the state fight through the current COVID-19 lockdown.
The proposed Grants and payments will be available directly through Services NSW with 19 July being the first date that applications are open. For further information and more details on eligibility criteria and the application process please go to the Services NSW website.
The commitment will now be up to $5.1 billion, including more than $1 billion from the Commonwealth as part of a business and employee support program.
This support package from the Federal and State Governments is a big boost for businesses dealing with the crippling impacts of lockdown in the Greater Sydney area, according to the state’s peak business organisation, Business NSW.
The business grants program announced two weeks ago has been expanded, with grants between $7500 and $15,000 available to eligible businesses with annual wages up to $10 million.
A new grant program has also been introduced for smaller micro businesses with turnover between $30,000 and $75,000.
Thousands of employees will also be protected with NSW committing half of a new $2.1 billion business and employee support program to be delivered together with the Commonwealth.
Businesses will benefit from payroll tax waivers of 25% for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30% decline in turnover.
The NSW Government will also cover the disaster recovery payments for areas outside the Commonwealth declared hotspots from week four of the NSW lockdown providing valuable support across the state.
Residential tenants will have greater protection with a targeted eviction moratorium. Residential landlords who decrease rent for affected tenants can apply for a grant of up to $1,500 or land tax reductions depending on their circumstances.
Commercial and retail landlords will need to attempt mediation before recovering a security bond, or locking out or evicting a tenant impacted by the Public Health Order.
Commercial, retail and residential landlords liable for land tax will be eligible for a land tax concession where they reduce the rent of their tenant.
Treasurer Dominic Perrottet said the NSW Government was offering support in as many areas as possible, with payroll tax cuts for eligible businesses, up to $75 million in support for the performing arts sector and $26 million for the accommodation industry.
Key components of the 2021 COVID-19 package include:
