NSW BUSINESS SUPPORT 2022

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The NSW Government has announced a $1bn support package for struggling NSW small businesses.

Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022.

Releasing the package, the NSW Treasurer said, “household balance sheets are strong at the moment, when we get out of this wave, we expect a snap back and the economy will bounce back better on the other side of this.”

Small Business Support Package
The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022. The minimum weekly payment for employers is $750 per week.

Eligible non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).

Eligibility
To access the package, businesses must:

  • Have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and
  • Experienced a decline in turnover of at least 40% due to Public Health Orders or the impact of COVID-19 during the month of January 2022 compared to January 2021 or January 2020; and
  • Experienced a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in either 2021 or 2020 (you must use the same comparison year utilised in the decline in turnover test for January); and
  • Maintain their employee headcount from “the date of the announcement of the scheme” (30 January 2022).

The support package only covers the month of February 2022. Applications for support are expected to open mid-February.