Lockdown support for NSW businesses and residents has been extended and increased

The Prime Minister and NSW Premier yesterday announced an expanded support program for NSW businesses and individuals affected by this current lockdown. A summary of the changes is as follows.

Extended Support Package
Prime Minister Scott Morrison has announced that NSW businesses will now receive up to $10,000 per week under a new support measure modelled off 2020’s cash flow boost payment. This package includes:

• The extension of the existing NSW Business Grants package for a third lockdown week.
• A cash boost for businesses across NSW with an annual turnover of between $75,000 and $50 million which can demonstrate a 30% reduction in this turnover during the lockdown. The cash boost will be 40% of weekly payroll with a payment of between $1500 to a maximum of $10,000 per week from week 4 of lockdown onwards, provided staffing levels are maintained.
• $1500 fortnightly grants for micro-businesses with a turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income.
• A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million.
• Increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of Sydney lockdown areas.
• Several provisions around residential, commercial and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction incentives.

Where and how to apply
More information will be available on the Services NSW website later this week. We will provide an update when more information becomes available.

Should you have any questions or concerns about these changes, please do not hesitate to contact us, we are always available and ready to assist.