Rent respite renewed for COVID impacted small businesses
NSW small business owners still emerging from COVID-19 hardship will continue to receive rent relief until 13 January 2022.
The rent relief provisions under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 will ensure ongoing support for small businesses with a turnover of less than $5 million over the Christmas and New Year period.
Small commercial and retail tenants that would have continued to qualify for JobSaver or the Micro-business Grant after 30 November 2021, will remain eligible for rent relief negotiations with their landlords.
Under the regulation, landlords must negotiate rent relief that is proportionate to an eligible tenant’s decline in turnover, with at least 50% in the form of a waiver, and the balance a deferral.
Landlords can access the Commercial Landlord Hardship Fund, which currently provides small commercial or retail landlords with a monthly grant up to the value of any rental relief provided, to a maximum of $3,000 per month per property.
Finance and Small Business Minister Damien Tudehope said landlords will still be required to negotiate rent relief with eligible commercial and retail tenants that are experiencing a turnover decline of 30% or more.
“Lockdown may be over but there are still small businesses, particularly in our CBDs, that are facing a slower recovery and are continuing to do it tough,” Mr Tudehope said.
“As the state continues to transition out of lockdown, 97% of NSW businesses will retain access to COVID-19 rent relief provisions if they continue to experience a significant decline in turnover.”