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New Covid support package released

Over the weekend the NSW Government announced a financial support package intended to assist small and medium businesses. We summarise below the detail announced for the two components.

Small business support program

Criteria for eligible businesses:

• aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2021; and

• decline in turnover due to either public health orders or the impact of the Omicron variant of COVID-19 of more than 40% during both:

  • the month of January 2022, compared to January 2021 or 2020 and

  • 1st - 14th February 2022, compared to the same fortnight in February for the two years prior to 2022.

• maintain employee headcount from 30 January 2022.

Support eligible business will receive

Criteria for eligible businesses:

• aggregated annual turnover between $75,000 and $50 million for the year ended 30 June 2021; and

• decline in turnover due to either public health orders or the impact of the Omicron variant of COVID-19 of more than 40% during both:

  • the month of January 2022, compared to January 2021 or 2020 and

  • 1st - 14th February 2022, compared to the same fortnight in February for the two years prior to 2022.

• maintain employee headcount from 30 January 2022.

Support eligible business will receive

• 20% of weekly payroll for the month of February as a lump sum payment

• minimum payment of $750 per week and maximum payment of $5,000 per week

• businesses without employees will receive a flat rate of $500 per week ($2,000 for the month of February)

• businesses can apply through Service NSW from mid-February

Small business Fees, Charges and Rapid Antigen Test (RAT) Rebate

• the existing small business rebate has increased from $2,000 to $3,000

• the rebate has been expanded to cover half the cost of RATs

• the funds can be used not only to offset the cost of RATs, but also other Governement fees and charges such as food authority licences, liquor licences, tradeperson licences, event fees, outdoor seating fees, council rates and road user tools for business use

• businesses that are already registered to this rebate will receive an automatic top up of $1,000 and new applicants will receive a rebate of $3,000

Commercial Landlord Hardship Grant

• the protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extend for an additional 2 months, to 13 March 2022

• grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided

• landlords who claimed the 2021 land tax relief can claim it for the 2022 year

• under the Regulation stated above landlords are prohibited from certain actions (such as lock out or eviction) unless they have first renegotiated rent with tenants and attempted mediation.

Aged care workers bonus

The Australian Government announced this week to provide to provide support the aged care workforce to continue to care for older Australians during the COVID-19 pandemic.

A bonus of up to $800 will be made in 2 instalments of up to $400 each. This bonus will be paid to workers providing care and support in Government subsidised home care and to residential aged care workers. The payments will be for clinical care workers and expanded to all those providing direct care, food or cleaning services in Government subsidised residential care. Those workers employed on 28 February 2022 will receive a bonus payment of up to $400, with another instalment of up to $400 made to workers employed on 28 April 2022. Aged care providers will apply for the payments and will pass on the assessment to employees.

If you have any questions, please contact SFG adviser or me.