Over the weekend the NSW State Government announced some further support for small businesses.

Over the weekend the NSW Government announced a financial support package intended to assist small and medium businesses and the performing arts sector.

We summarise below the detail announced for the three components. Please note there are some previously announced support that remains open and can be found at this link.

Small business support program

Criteria for eligible businesses

  • Aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2021; and
  • Decline in turnover due to either public health orders or the impact of the Omicron variant of COVID-19 of more than 40 percent during both:
    • the month of January 2022, compared to January 2021 or 2020; and
    • 1-14 February 2022, compared to the same fortnight in February for the two years prior to 2022
  • Maintain employee headcount from the date this scheme was announced (30 January 2022).

Support eligible business will receive

  • 20 percent of weekly payroll for the month of February as a lump sum payment
  • Minimum payment of $750 per week and maximum payment of $5,000 per week
  • Businesses without employees will receive a flat rate of $500 per week ($2,000 for the month of February)
  • Businesses can apply through Service NSW from mid-February

Small business Fees, Charges and Rapid Antigen Test (RAT) Rebate

  • The existing small business rebate has increased from $2,000 to $3,000
  • The rebate has been expanded to cover half the cost of RATs
  • The funds can be used not only to offset the cost of RATs, but also other Government fees and charges such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use
  • Businesses that are already registered to this rebate will receive an automatic top up of $1,000 and new applicants will receive a rebate of $3,000.

Commercial Landlord Hardship Grant

  • The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, to 13 March 2022
  • Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided
  • Landlords who claimed the 2021 land tax relief can claim it for the 2022 year
  • Under the Regulation stated above landlords are prohibited from certain actions (such as lock out or eviction) unless they have first renegotiated rent with tenants and attempted mediation.

Performing Arts Package

Package provides financial support to relaunch the performing arts sector, in line with the NSW Governments roadmap to recovery which has now been extended to April 2022.

To be eligible for funding, the applicant MUST be one of the following:

  • An eligible venue (list published by Create NSW),
  • A producer of an eligible performance scheduled to perform at one of the eligible venues
  • A promoter of an eligible performance scheduled to perform at one of the eligible venues.
  • Funding is then provided to eligible performances staged between 19 September 2021 to 30 April 2022

The funding amount per performance will be calculated using a formula of average ticket price multiplied by the number of tickets available for sale (capped at 10,000) and a specified percentage (“Agreed Percentage”) as detailed below (up to a maximum of $12.5m).

We will continue to keep you updated with further information as it becomes available.