Support Package A Boost For Business
The latest support package from the Federal and State Governments announced today is a boost for business according to the regions peak business organisation, Business Hunter.
The package announced will assist businesses dealing with the crippling impacts of lockdown not only in the Greater Sydney area, but the rest of NSW including the Hunter region, according to the Business Hunter.
“The pleasing aspect is the scope of the package. Some help is available immediately which will hopefully support the businesses hardest hit and assist employees that have lost shifts and income,” said Business Hunter Chief Executive Officer Bob Hawes.
The Prime Minister and Premier have formally announced the package which includes:
• The extension of the existing NSW Business Grants package for a third lockdown week.
• A cash boost for businesses across NSW with an annual turnover of between $75,000 and $50 million which can demonstrate a 30% reduction in this turnover during lockdown. The cash boost will be 40% of weekly payroll with a payment amount between $1,500 to a maximum of $10,000 per week from week 4 onwards, provided staffing levels are maintained.
• $1,500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income.
• A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million.
• Increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of Sydney lockdown areas.
• Several provisions around residential, commercial and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction incentives.
“Business Hunter has been feeding back to government the struggles being experienced by businesses outside the lock down areas and we’re pleased the government’s response has recognised the of the impact, and it’s great to see this package rolled out that will support the doors staying open and staff keeping their jobs,” said Business Hunter Chief Executive Officer Bob Hawes.
“What is crucial now is for bulk of the support money to start flowing as quickly as possible – the Government has assured business applications will open later this month with the money to be paid days after that,” Mr Hawes said.
“The impact the lockdown on the mental health of business owners and the community has also been recognised and we shouldn’t lose sight of that.
“This support will give business owners the opportunity to retain their staff and give them the best chance to rebound their operations when the lockdown finishes,” Mr Hawes said.
“The Prime Minister was right in noting the tightness of the job market and we sincerely hope businesses can see this through so there is continuity as the restrictions ease.”