A support package from the Federal and State Governments is a big boost for businesses dealing with the crippling impacts of lockdown in the Greater Sydney area, according to the state’s peak business organisation, Business NSW. 

The Prime Minister and Premier have formally announced the package which includes: 

• The extension of the existing NSW Business Grants package for a third lockdown week 
• A cash boost for businesses across NSW with an annual turnover of between $75,000 and $50 million which can demonstrate a 30% reduction in this turnover during lockdown. The cash boost will be 40% of weekly payroll with a payment amount between $1500 to a maximum of $10,000 per week from week 4 onwards, provided staffing levels are maintained. 
• $1500 fortnightly grants for micro businesses with turnover of between $30,000 and $75,000 which can demonstrate a 30% reduction in turnover where the business is the primary source of income 
• A payroll tax deferral this quarter for all businesses, and a waiver for this quarter if you can demonstrate a 30% reduction in turnover and you have a payroll of between $1.2 and $10 million. 
• Increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of Sydney lockdown areas. 
• Several provisions around residential, commercial and retail leases, including no lockouts and forced evictions, and those landlords who provide rent relief will be given land tax reduction incentives. 

“Business NSW has been working closely with both the State and Federal Governments over the past week on this package, particularly around what more could be done for business owners to retain their employees, and it’s great to see this package rolled out that will support the doors staying open and staff keeping their jobs,” said Business NSW Chief Executive Daniel Hunter. 

“What is crucial now is for the support money to start flowing as quickly as possible – the Government has assured business applications will open later this month with the money to be paid days after that,” Mr Hunter said. 

“The impact the lockdown has had on the mental health of business owners has been heartbreaking to see, as many business owners have closed the doors, unlikely to ever reopen. 

“It’s also important to highlight that although Greater Sydney has been in lockdown, the impact to regional businesses has been immense, as they’ve missed out on the strong school holiday trade, as well as a lack of forward bookings. 

“This support will give business owners the opportunity to retain their staff and give them the best chance to rebound their operations when the lockdown finishes,” Mr Hunter said. 

More from The Business Conversation:

New Business coaching streaming platform to assist in the rise of entrepreneurship

Wiise appoints ex-Dropbox Australia MD as CEO, and new Head of Sales & Channel to accelerate its growth

LIVIN enlists 4 of Australia’s leading CEO’s in the mental health sector to discuss what can be done to break the stigma