The measures announced as part of the support package include:
Small business grants: Businesses with an annual turnover of between $75,000 and $50 million will be provided a new business support payment if they can demonstrate that they have experienced a 30% decline in turnover and have not reduced any of their headcount. The relief payments will range from $1,500 to $10,000 per week, depending on the level of their payroll. For non-employing businesses such as sole traders, the payment will be set at $1,000 per week.
Payroll tax deferral: Businesses in NSW will be provided a payroll tax deferral for this quarter. Tax for the quarter will also be waived for businesses with payroll of between $1.2 million and $10 million if they can demonstrate that they have experienced a 30% reduction in turnover.
Tenancy relief for landlords: Landlords are being encouraged to offer rent reductions to tenants who have been financially affected by the lockdown, with the state government offering landlords access to a grant of up to $1,500 per tenancy if they do so, or a land tax reduction, depending on their circumstances.
60 day freeze on evictions for residential, commercial and retail tenants: The Federal Government announced a 60 day freeze on evictions for commercial, retail and residential tenants in NSW who are impacted by the recent COVID-19 outbreak and have lost 25% or more of their income as a result of the stay-at-home orders. Those eligible cannot be evicted between now and 11 September 2021.
COVID-19 disaster payment: The previous disaster payments offered for workers impacted by the NSW lockdown will be increased. From week four of the lockdown, workers in a Commonwealth-declared hotspot who have lost 20 hours or more of work a week, will now be offered a disaster payment of $600 per week, and workers who have lost between 8 to 20 hours of work a week, will be offered $375 per week. The payment will also be made available to those outside Commonwealth declared hotspots in NSW that meet the criteria.
For more information on these measures and how they may apply to you, please visit the following useful links:
- Service NSW website
- NSW COVID-19 Support Packages
- NSW Government assistance for renters and landlords
- NSW Government Website
If you would like to speak to one of our business and commercial lawyers about your individual or business circumstances or require any further commercial law support at this time, contact us for a confidential discussion on 02 9262 4003 or submit an online enquiry.