The NSW Government today 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.
Key components of the 2021 COVID-19 package include:
- An extension to the previously announced business grants program. This means eligible businesses with Australian wages below $10 million can claim grants between $7500 and $15,000 to cover the first three-weeks of restrictions
- Up to $2 billion committed to the scheme to provide cashflow support to businesses to help them retain staff, to be delivered together with the Commonwealth.
- Payroll tax waivers of 25 per cent for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans;
- A new grants program for micro businesses with a turnover of between $30,000 and $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1500 payment per fortnight of restrictions;
- Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants.
- $12 million in additional funding for temporary accommodation for those at risk of or experiencing homelessness.
For more details: https://www.nsw.gov.au/media-releases/covid-19-fighting-fund-to-protect-businesses-save-jobs-and-support-nsw-through
Source: NSW Government