More than 2500 businesses approved for grants
More than 2500 small businesses heavily impacted by COVID-19 have already been approved for grants of up to $10,000 in the first three days of the NSW Government’s new Small Business Support Fund.
Applications opened earlier this week, with Treasurer Dominic Perrottet and Minister for Customer Service Victor Dominello, saying getting money out the door to ensure businesses could stay in business and help keep people in jobs was vital.
“This is about providing cash quickly to eligible small businesses when they are struggling. These grants could help your local cafe or corner shop during this very difficult time,” Mr Perrottet said.
The $750 million Small Business Support Fund was announced on April 3 as part of a range of Government support, and can be used to pay for unavoidable expenses such as utility bills and council rates.
Mr Dominello said successful applicants for the grants could receive the funds in as little as five days.
“It is the Service NSW way to make the process of applying for grants as painless and efficient as possible,” Mr Dominello said.
“That’s why we asked them to deliver these grants to small businesses in their hour of need.
“Businesses in highly impacted sectors can expect to have their applications processed quickly and see money in their bank accounts within five days of approval.
“Businesses outside those industry codes will be subject to a manual assessment process which may require slightly more documentation and processing time.”
Eligible businesses must meet a range of criteria including:
- Between 1-19 employees,
- A turnover of more than $75,000,
- A payroll below the threshold of $900,000, and
- Be heavily impacted by the Covid-19 shutdowns.
Businesses will be expected to demonstrate a 75 per cent decline in turnover as a result of COVID-19, relative to an equivalent period in 2019 of at least two weeks.
Applications for the grant must be received by 1 June 2020.
For more information on eligibility or to submit an application please visit the Service NSW website.