In February 2022, the NSW Government announced a $1 billion Business Support Package aimed at assisting businesses impacted by COVID-19 public health orders and the ongoing economic disruption. The package was designed to provide immediate cash flow relief, encourage employee retention, and support industries most affected by restrictions.
Weekly payroll support payments
Eligible businesses could access up to $5,000 per week throughout February 2022. This support was provided as a lump sum payment equal to 20% of weekly payroll, capped at $5,000 per week. Non-employing businesses were eligible to receive $500 per week. The objective of this measure was to help businesses continue meeting wage costs during periods of reduced trading.
Eligibility criteria for businesses
To qualify for the support package, businesses were required to meet several conditions. This included having an aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2021. Businesses also needed to demonstrate a decline in turnover of at least 40% in January 2022 due to public health orders or the impacts of COVID-19, compared with January 2021 or January 2020.
In addition, businesses were required to show a further decline in turnover of 40% or more for the period from 1 to 14 February 2022, compared to the same fortnight in the chosen comparison year. Employers were also required to maintain their employee headcount from the date of the scheme announcement on 30 January 2022.
Additional relief measures
The support package included an increase to the NSW fees and charges rebate, which was lifted to $3,000 and extended to cover future rapid antigen test costs. Commercial landlord relief measures were also extended until 13 March 2022, providing ongoing protection for tenants experiencing financial distress.
Support for the creative sector was extended through the NSW performing arts package, which remained available until April 2022 via CreateNSW. This extension recognised the continued disruption faced by performing arts organisations and practitioners.
What businesses should consider
Businesses accessing the support package needed to ensure they retained appropriate records to substantiate turnover declines, payroll calculations, and employee headcount requirements. Reviewing eligibility early and understanding ongoing obligations helped minimise the risk of repayments or compliance issues following the receipt of support.
If you required assistance assessing eligibility or understanding how these measures applied to your business, professional advice could help ensure the support was accessed correctly and integrated into broader cash flow planning.
NSW performing arts package extended until April 2022 (see CreateNSW)
