NSW Government announces $1 billion support package for businesses

Categories: COVID-19, General, NewsPublished On: February 1st, 2022206 words

On Sunday, the NSW government announced a $1 billion support package for businesses with a turnover between $75,000 and $50 million. This is in addition to the rent relief extension to mid-March previously announced.

The package, which commences from February 1 includes:

  • Up to $5k per week for Feb 2022 – A lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022 for eligible businesses (non-employing businesses receive $500 per week). To access the package, businesses must:
    • Have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and
    • Experienced a decline in turnover of at least 40% due to Public Health Orders or the impact of COVID-19 during the month of January 2022 compared to January 2021 or January 2020; and
    • Experienced a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in either 2021 or 2020 (using the same comparison year utilised in the decline in turnover test for January); and
    • Maintain their employee headcount from “the date of the announcement of the scheme” (30 January 2022).
  • Fees and charges rebate increased to $3,000 and extended to cover future RAT tests
  • Commercial landlord relief extended to 13 March 2022
  • NSW performing arts package extended until April 2022 (see CreateNSW)

Click here to read the details.

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