NSW Premier Gladys Berejiklian has announced the third stage of the state government’s stimulus to combat the impact of the coronavirus pandemic.
In a big win for small business owners, the premier has released details of a grant system for small businesses whose trade has been affected by the virus.
To be eligible for the $10,000 grant small businesses must employ up to 19 people and turn over more than $75,000 a year. The government will inject $750 million into the Small Business Support Fund to assist businesses impacted by the virus.
“We will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs,” Premier Gladys Berejiklian said.
The relief is similar to that offered to small business owners impacted by the recent catastrophic bush fires.
Treasurer Dominic Perrottet said the grants were designed to provide fast access to funds for businesses in need.
“Many local cafés, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply. We have the structures in place after the bushfires and expect to see this money rolling out the door shortly,” said Perrottet
“This is real, rapid relief for tens of thousands of businesses and it will help ensure many businesses that are not eligible for payroll tax waivers and deferrals can live to trade another day.”
Applications for a small business grant of up to $10,000 are expected to be available through Service NSW within a fortnight. Applications will remain open until June 1 2020. The funding must be used for unavoidable business costs such as utilities, overheads, legal costs and financial advice.
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