$10,000 Covid-19 Small Business Grant Applications Are Closing Soon

Applications are drawing to a close for the Service NSW Covid-19 support grant of $10,000 for small business’s highly impacted from COVID-19 pandemic following the NSW Public Health Order on 30 March 2020.

The grant is part of the NSW Government Small Business Support Fund.

Applications are open until 11.59 pm Tuesday 30 June 2020.

Eligibility Criteria

Small business and non-profit organisations are eligible for the grant if at 1 March 2020 they:

  • Are employing between 0.5 and 20 full-time workers.
  • Have an annual turnover of more than $75,000.
  • Have total Australian wages below the NSW Government 2019-20 payroll tax threshold of $900,000.
  • Have an Australian Business Number (ABN), based in NSW.
  • Are highly impacted by the NSW Government COVID-19 Restrictions on Gathering and Movement. Order 2020 issued on 30 March 2020. This is defined as a decline in turnover of 75 per cent compared to the equivalent period (of at least two weeks) in 2019.
  • Have unavoidable business costs not otherwise the subject of other NSW and Commonwealth Government financial assistance measures.

How Funding May Be Used

The grant is provided to support eligible businesses that have been impacted by the shutdown restrictions enacted by Government, due to COVID-19. As such the grant must be used on expenses where no other government support is available, thus cannot be used on pay wages for staff eligible for JobKeeper.

Grant funds can be used to:

  • Meet business costs, including utilities, salaries, rent.
  • Seek financial, legal or other advice to support business continuity planning.
  • Develop your business through marketing and communications activities.
  • Supporting other activities related to the operation of the business.

Evidence for Eligibility

For all applicants on the list of “highly impacted industries” they are required to:

  • Certify to the administrating agency that they meet the Eligibility criteria
  • Provide a Business Activity Statement (BAS) to demonstrate that the business has an annual turnover of over $75,000
  • Lodge supporting documents as may be required to demonstrate that they meet the eligibility criteria.

For any company not on this list they are required to provide a letter from an independent accountant confirming their decline in turnover. This letter must confirm the business:

  • Has an annual turnover above $75,000
  • Sits below the NSW Government 2019-20 payroll tax threshold of $900,000
  • Had a decline in turnover of 75% or more by advising:
    • The turnover for a 2-week period since 30 March 2020
    • The turnover for the equivalent period in 2019 or a comparable period in 2019/2020 when the equivalent period is not an accurate representation of your usual or average turnover.

How to Apply

The NSW small business grant applications are closing soon on Tuesday 30 June 2020. This application must be done by you through your Service NSW account. However, it is highly recommended to get support from your accountant in completion of your application.

You can find out more about eligibility and how to apply at COVID-19 Small Business Support Grant Here.

How BDWelsh Can Help

For expert accounting advice on your questions regarding the Small Business COVID-19 Support Grant Contact Us for a free initial consultation. We will be able to quickly run through your eligibility and application process for your best chance of a successful application.

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.