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As part of the NSW Government’s Economic Recovery Strategy eligible small to medium businesses will be able to apply for a grant up to $20,000 for the loss of perishable stock due to any further COVID-19 lockdowns between 1 December 2021 and 31 January 2022.
Eligible businesses in NSW will also be able to claim up to $10,000 if another lockdown occurs during the December to January period and they are no longer able to sell non-perishable items.
This means businesses can start to order stock and plan for a busy holiday period with confidence they will trade throughout the summer, or will be compensated for any unused stock if forced to enter another lockdown.
While all businesses will welcome this support from the State Government, it will be particularly beneficial in regional NSW where not only has local trading been affected by lockdowns but they have also not experienced the tourism trade from Greater Sydney residents visiting their towns.
Small to medium sized business in hospitality and retail with an annual turnover between $75,000 and $50 million located in NSW that have been affected by COVID-19 lockdowns are eligible to apply for these grants.
Additionally, as part of the Economic Recovery Strategy, the NSW Government is extending the Small Business Fees and Charges Rebate until 30 June 2022 and increasing the amount of business related expenses that can be claimed up to $2,000.
To be eligible for the extended fees and charges rebate, small businesses, sole traders, and not-for-profit organisations must have total Australian wages below the 2020-21 payroll tax threshold of $1.2 million, and have a NSW registered ABN and/or premises physically located and operating in NSW.
These initiatives have been put in place by the NSW Premier, Dominic Perrottet in an effort to boost business assurance to recommence operations and fuel the economy during summer following a gruelling three-month lockdown due to COVID-19 public health orders.
The NSW Premier has just recently announced an Alfresco Restart Package providing up to $66 million in funding to encourage outdoor dining, live music and entertainment in the hospitality sector. To roll out from this November, up to 5,000 restaurants will be able to access grants worth up to $5,000 to expand their alfresco dining options and current outdoor dining restrictions will be relaxed. NSW Councils will also be offered $500,000 to improve high streets and amenities promoting outdoor recreation supporting businesses and trade throughout the summer months.
Should you have any queries about how these changes may impact you, please contact your local Grant Thornton advisor.
