The Prime Minister along with the NSW Premier and Treasurer announced further Government support packages for businesses and individuals affected by the extended NSW lockdown.
The Return of the Cash Flow Boost (or the like)
Similar to the cash flow boost that was announced last year, a minimum payment of $1,500 up to a maximum of $10,000 per week will be available to businesses who meet the following eligibility criteria:
- Experience a decline in turnover of at least 30% to an equivalent two-week period in 2019,
- Have a turnover between $75,000 and $50 million, and
- Maintain their full time, part time and long term casual staffing levels as of 13 July.
The payment will be based on 40% of their NSW payroll payments, capped at $10,000 per week.
Non-employing businesses such as sole traders or small companies who don’t pay wages will see the payment capped at $1,000 per week.
Micro Business Payments
Micro businesses earning more than $30,000 but less than $75,000 don’t miss out though. They can receive a payment of $1,500 per fortnight backdated to week 1 of the lockdown, if they have experienced the 30% decline in turnover.
Expressions of interest for the above two payments open tomorrow, 14 July on the Service NSW webiste here.
Update to the NSW Support Grants
- 75% decline in turnover = $15,000
- 50% decline in turnover = $10,500
- 30% decline in turnover = $7,500
In order to qualify you need
- A letter from your accountant is required to confirm the decline in turnover.
- Have a turnover greater than $75,000 per year.
- Have up to 20 full time employees or payrolls up to $1.2m.
Payments are scheduled to start from 19 July and this also includes sole traders.
Support for Individuals who experience loss of work due to the lockdown
Increase to the federal support payment up to $600 if you have lost at least 20 hours or more work and a payment of $375 for between 8 – 20 hours work lost. There is also no longer a liquidity test in place to qualify for this payment. Please see the Service NSW criteria to apply if this effects you: Financial support for individuals and households | NSW Government