Update on Covid Business Grant (up to $15,000)
The 2021 COVID-19 business grant is now open to NSW businesses who have less than $10 million in total wages at 1 July 2020, and aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2020.
The grant program will be administered by Service NSW, and businesses must prove they have suffered a decline in turnover over a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in 2019.
Those who have experienced a decline of 70 per cent or more will be provided with the full $15,000 grant, while those with a 50 per cent decline will receive $10,500, and those with a 30 per cent decline can expect $7,500.
As part of the eligibility requirements, a letter from a business’ qualified accountant, registered tax agent or registered BAS agent will need to be provided to Service NSW, verifying the appropriate decline in turnover.
Service NSW has published a template accountant’s letter that must be used and notes that it will be relied on in future audits.
The main difference is that NSW agencies and not the ATO will regulate the support program.
Update on JobSaver & Micro Business Grant
Applications for the new cash flow boost payment- coined “JobSaver”- will open from 26 July, with eligibility requirements expected to be published this week.
The JobSaver initiative will provide businesses between $1,000 and $10,000 a week to help them retain employees.
Eligible businesses must have an annual turnover between $75,000 and $50 million and demonstrate a 30 per cent decline in turnover compared with an equivalent two-week period in 2019.
Micro businesses with a turnover between $30,000 and $75,000 can also expect support of up to $1,500 per fortnight. Eligibility requirements will be provided this week, with applications to open in late July.
Details on the 2021 COVID-19 business grant and template accountant letter can be accessed here: