Search
Close this search box.

How to apply for the NSW COVID19 Business Grant

Today, the premier announced tightened lockdown measures, defining critical supply services and closing all construction sites. It’s estimated this stricter lockdown will cost Greater Sydney businesses between $800 million and $1 billion per week. In light of this, understanding available grants for small businesses, including the NSW COVID19 support grant, becomes crucial.

Transition: Understanding available grants for small businesses becomes crucial in light of this.

NSW COVID19 Support Grant Overview

Effective from July 19, 2021, the NSW COVID-19 Business Support Grant provides relief to eligible small businesses, fully funded by the New South Wales Government.

Grant Tiers and Eligibility Criteria

The grant offers three tiers based on turnover decrease percentages:

  • Tier 1: $7,500 for businesses with a 30% or more turnover decrease.
  • Tier 2: $10,500 for businesses with a 50% or more turnover decrease.
  • Tier 3: $15,000 for businesses with a 70% or more turnover decrease.

Eligibility criteria include:

  • Having an Australian Business Number and operating in New South Wales.
  • Having Australian wages of less than $10 million as of July 1, 2020.
  • Maintaining an aggregated turnover between $75,000 to $50 million as of June 30, 2020.
  • Ensuring no other government support grants cover business costs like legal fees, rent, and marketing.
  • Maintaining employee headcount as of July 13, 2021.

Transition: Verification and Exclusions

Verification Process and Exclusions

Businesses must declare turnover declines due to public health orders and eligible expenses. They’ll need to maintain employee headcounts and provide details of qualified accountants or tax agents.

Evidence Requirements

Evidence includes turnover declarations, eligible expense declarations, employee headcount declarations, and tax return documents.

Additional Note for Vic Border Businesses

Businesses near the Victorian border should adjust the comparison period accordingly.

Transition: Seek Assistance from EndureGo Tax

Contact EndureGo Tax for Assistance

As the leading CPA accounting firm in Inner West Sydney, our team at EndureGo Tax stands ready to assist you in navigating the NSW COVID-19 Support Grant application process. Contact us today at 1800 841 312 to speak with our friendly and professional CPA accountants.