$750m to rev up small businesses

Small businesses in NSW will receive $10,000 grants in a new assistance scheme to keep them afloat.

Up to 75,000 businesses - such as cafes, gyms and restaurants - in NSW will be eligible for the payments, which are to be used for unavoidable business costs such as utilities, overheads, legal costs and financial advice.

The package is understood to be the biggest small business assistance scheme in NSW history and is intended to target the "missing middle" - those operations which are too small to benefit from payroll tax cuts.

 

This is the third wave of assistance announced by the NSW government and comes on top of the Federal measures.

 

Gemma Coote, Brad Coles and Rebecca Shave pictured outside the Rising Sun Workshop in Newtown. Picture: Christian Gilles
Gemma Coote, Brad Coles and Rebecca Shave pictured outside the Rising Sun Workshop in Newtown. Picture: Christian Gilles

A short, sharp application period for the grant will be available within two weeks lasting just until June 1, in a bid to get the money out the door and to businesses as soon as possible.

"This is about getting cash into small businesses when they are struggling right now in the face of an unprecedented situation," Premier Gladys Berejiklian said.

 

 

"These grants will provide a big boost, and we will make the application process easy to ensure small businesses can receive some cashflow as soon as possible to meet pressing needs."

Treasurer Dominic Perrottet said the fund was designed to provide "real, rapid relief" and would benefit tens of thousands of businesses across NSW.

"Many local cafes, restaurants, corner shops, gyms and small accommodation providers will be eligible to apply," Mr Perrottet said.

"We have the structures in place after the bushfires, and expect to see this money rolling out the door shortly."

The be eligible, businesses will need to have between one and 19 employees and a turnover of more than $75,000, but a payroll below the tax threshold of $900,000.

They must also have an ABN as at March 1 2020, be based in NSW and be impacted by the pandemic restrictions.

It is understood following National Cabinet on Friday, further measures will be announced on support for retail and commercial tenancies.

Originally published as $750m to rev up small businesses



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