Coronavirus Australia: NSW announces $10,000 Financial Lifeline
About 75,000 small businesses are set to receive a financial lifeline as the coronavirus pandemic continues to batter the economy.
Thousands of small businesses such as cafes, restaurants and gyms that have been "severely affected" during the coronavirus downturn will be able to apply for a $10,000 cash grant.
"We want to make sure that as many small businesses remain open or for those that have closed, re-open once this pandemic has passed," New South Wales Treasurer Dominic Perrottet told reporters in Sydney on Friday.
"Small businesses are the lifeblood of the NSW economy."
The Berejiklian government is investing $750 million to provide the grants which will help small businesses severely affected by coronavirus with fixed costs, utilities and rent.
Premier Gladys Berejiklian says the grants will provide a boost for small businesses struggling during this unprecedented situation.
"These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cash-flow as soon as possible to meet pressing needs," she said in a statement.
Berejiklian also said the grants will support those who "have fallen through the cracks".
"We want to make sure we support them as much as we can," she said.
Applications for the grants will open by April 17 and will remain open until June 1.
Are you eligible?
Service NSW says businesses may be eligible if:
- It operates in an industry highly impacted by the Public Health Order and has suffered a decline in turnover of 75 per cent
- Has between one and 19 employees and an annual payroll below $900,000
- Has an annual turnover of more than $75,000
- Was registered with an ABN at 1 March 2020
- Has an Australian Business Number and employs staff in NSW at 1 March 2020
- Has unavoidable fixed costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.
Should you require any further information, please call our Team on 02 6960 1200.