Small Businesses That Earn Under $75,000 a Year Are Finally Eligible for Financial Support During Lockdown
It follows Deputy Lord Mayor Jess Scully’s petition to broaden the reach of support for small businesses in NSW.
A new COVID-19 support package has been announced this afternoon to include more small businesses and sole traders impacted by Sydney's lockdown. On Tuesday, July 13 NSW Treasurer Dominic Perrottet announced financial support would be extended to more small businesses, including businesses with an annual turnover of between $30,000 and $75,000 a year and sole traders.
The announcement follows a petition launched by Deputy Lord Mayor Jess Scully advocating for further support measures for small businesses. The first phase of government grants were only available to businesses with an annual turnover of more than $75,000. Under the new system, businesses impacted by lockdown with a turnover of over $30,000 and a payroll of under $10 million are eligible for financial support.
Microbusinesses with a turnover between $30,000 to $75,000 that have seen a loss of revenue of at least 30 percent are eligible for up to $1500 a fortnight, applicable from the beginning of lockdown. Sole traders will be eligible for up to $1000. Treasurer Perrottet urged businesses to do their best not to lay off staff or reduce hours during Sydney's lockdown. "We will come out the other side with a few scrapes but more determined than ever," said Perrottet.
Individuals will also receive greater financial support through lockdown, as announced by Prime Minister Scott Morrison. The joint plan between the federal and state governments means individuals who have lost between eight and 20 hours of work due to stay-home orders can access recurring payments of $375 a week. Those who have lost more than 20 hours can access payments of up to $600 through Services Australia.
Applications for small business grants will be open via Service NSW from Monday, July 19 and applications for individuals will open via Services Australia from tomorrow, Wednesday July 13.
The new co-funded Federal and New South Wales financial support package was announced amidst fears Sydney's lockdown will extend well past this Friday, July 16. It follows this morning's announcement of 89 locally acquired cases of COVID-19 in New South Wales.
Top image: Arvin Prem Kumar
Published on July 13, 2021 by Ben Hansen