Businesses, workers, and the performing arts across NSW are all set to benefit from a major financial support package of more than $1 billion to help those that have been hardest hit by the Omicron wave. The package includes financial support for small business to offset the cost of rapid antigen tests (RATs) to help keep their workers safe and a new Small Business Support Program to help businesses survive the immediate impacts of the Omicron wave and keep workers employed.
Premier Dominic Perrottet indicated that although case numbers were declining, the NSW Government was determined to support those businesses that had been most affected during this wave of the pandemic. “As part of the package, we are introducing the Small Business Support Program to help support businesses that experienced the worst effects of the Omicron wave,” Mr Perrottet said.
The package, which started on February 1, includes:
- a lump sum payment for the month of February 2022 for eligible employing businesses of 20 per cent of their weekly payroll, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses will receive $500 per week. To qualify, businesses must have an annual turnover between $75,000 – $50m 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 (you must use the same comparison year utilised in the decline in turnover test for January)
- The existing Small Business Fees, Charges and RAT Rebate will be increased from the current $2,000 limit to $3,000 and employing businesses will be able to offset 50 per cent of the cost of RATs
- Commercial landlord relief will be extended until 13 March.
Treasurer Matt Kean said: “We know some businesses in NSW have faced challenges and it is vital we get them the support they need to stay afloat and keep their workers in jobs. As we continue to protect the health and safety of our community, we have to ensure our economy is resilient and our businesses are supported so they bounce back from this most recent phase of the pandemic.”
Further details on the Covid 19 financial support available in NSW can be found here: COVID-19 financial support for business | NSW Government.
Should you have any questions or need any help to ensure you receive all available assistance, please reach out to our team at Rose Partners and we will do our best to assist.
Stay safe.
The Team at Rose Partners
