The recently announced NSW COVID business grant is now available.
All applications can be made from the Service NSW website.
We have summarised how the grant works below
Eligibility
To be eligible for the grant, you must:
- have an active Australian Business Number (ABN)
- demonstrate your business was operating in NSW as at 1 June 2021
- have had total annual Australian wages of $10 million or less as at 1 July 2020
- have had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020
- have business costs for which there is no other government support available
- maintain your employee headcount as at 13 July 2021. See the guidelines for definitions.
How much can I receive?
Eligible businesses (including non-employing businesses such as non-employing sole traders) and not-for-profit organisations can apply for a one-off grant of $7,500 (tier one) or $10,500 (tier two) or $15,000 (tier 3) via one application:
- $7,500 (tier one): Businesses that have experienced a decline in turnover of 30% or more due to the Public Health Orders will be eligible for a grant of $7,500.
- $10,500 (tier two): Businesses that have experienced a decline in turnover of 50% or more due to the Public Health Orders will be eligible for a grant of $10,500.
- $15,000 (tier three): Businesses that have experienced a decline in turnover of 70% or more due to the Public Health Orders will be eligible for a grant of $15,000.
Eligible businesses may only receive one grant tier.
Only one grant is available for a single ABN.
Multiple businesses under a single ABN are only eligible for one grant.
Evidence required to apply for the grant
Eligible businesses applying for the $7,500 (tier one), the $10,500 (tier two) or the $15,000 (tier three) grant are required to:
- submit evidence that they experienced the required decline in turnover over a minimum 2-week period from 26 June 2021 to 26 July 2021 compared to the same period in June and/or July 2019 (see Section 5.4 for evidence required);
- for Southern Border businesses the turnover period is from 27 May 2021 to 26 July 2021 compared to the same period in May and/or June and/or July 2019.
- declare they have eligible expenses for which no other government support is available. They will not be required to provide evidence of costs on application (e.g. invoices) but will need to keep evidence of costs for a possible future audit;
- declare their employee headcount at 13 July 2021;
- declare they will maintain their employee headcount as at 13 July 2021 for the period for which the business is receiving payments under this Grant and the JobSaver scheme;
- submit an Australian Income Tax Return (or Notice of Assessment) or other documentation to demonstrate their business had an aggregated annual turnover of between $75,000 and $50 million (inclusive) for the year ended 30 June 2020; and
- lodge other supporting documents as required to demonstrate that they meet the eligibility criteria.
- For applicants outside the “highly impacted industries list” or those applying for the maximum $15,000 grant, a decline in turnover and total annual wages verification letter from your accountant is required.
Payment
Upon completing the application the payment will be made within 5 business days.
How we can help
To review your eligibility and provide you with the appropriate accountants verification letter to allow you to claim yourself our fee is $250 + GST ($275 inc GST)
To apply on your behalf including providing the verification letter our fee is $500 + GST ($550 inc GST)
Speak to one of our accountants today if you have any questions or need assistance with your COVID grants.
