More than 2500 businesses approved for grants
More than 2500 small businesses heavily impacted by COVID-19 have already been approved for grants of up to $10,000 in the first three days of the NSW Government’s new Small Business Support Fund.
Applications opened earlier this week, with Treasurer Dominic Perrottet and Minister for Customer Service Victor Dominello, saying getting money out the door to ensure businesses could stay in business and help keep people in jobs was vital.
“This is about providing cash quickly to eligible small businesses when they are struggling. These grants could help your local cafe, corner shop or gym during this very difficult time,” Mr Perrottet said.
The $750 million Small Business Support Fund was announced on April 3 as part of a range of Government support, and can be used to pay for unavoidable expenses such as utilities bills and council rates.
Minister Dominello said successful applicants for the grants could receive the funds in as little as five days.
“Many small businesses are owned by mums and dads, and young entrepreneurs, and we want to ensure they get the right support, right now,” Mr Dominello said.
“We’re making it quicker and easier for eligible businesses to apply and get this relief package. Small businesses that fall into the list of highly impacted industries will be able to apply online and get fast approval, with funds transferred within five days.”
“Eligible businesses that don’t fall into the list of highly impacted industries will have their applications manually assessed by Service NSW to check eligibility, and will be notified of their outcome, or receive a request for more information.”
Eligible businesses must meet a range of criteria including:
- Between 1-19 employees,
- A turnover of more than $75,000,
- A payroll below the threshold of $900,000, and
- Be heavily impacted by the Covid-19 shutdowns.
Businesses will be expected to demonstrate a 75 per cent decline in turnover as a result of COVID-19, relative to an equivalent period in 2019 of at least two weeks.
Applications for the grant must be received by 1 June 2020. For more information on eligibility or to submit an application, visit www.service.nsw.gov.au
Published 17 April 2020