The NSW Government has announced an economic support package aimed at helping businesses affected by the current COVID-19 lockdown.
Key features of the package include:
- The business grants program announced two weeks ago has been expanded, with grants between $7500 and $15,000 soon to be available to eligible businesses with annual wages up to $10 million.
- A new grant program has been announced for smaller micro businesses with turnover between $30,000 and $75,000.
- A new business and employee support program will be delivered together with the Commonwealth to provide cashflow support to businesses to help them retain staff.
- Businesses will benefit from payroll tax waivers of 25 per cent for businesses with Australian wages of between $1.2 million and $10 million that have experienced a 30 per cent decline in turnover.
- Commercial, retail and residential landlords liable for land tax will be eligible for a land tax concession where they reduce the rent of their tenant.
Further information will be available on the Service NSW website in the coming days: https://www.service.nsw.gov.au/campaign/covid-19-help-businesses.