Following the most recent outbreak of COVID-19 and extended lockdown affecting NSW, The NSW Government announced a comprehensive economic support package worth up to 5 billion dollars aimed at helping businesses and people right across the state.
The commitment will include more than $1 billion from the Commonwealth as part of a business and employee support program. The business grants program that was announced at the beginning of July has been expanded and a new grant program has also been introduced for smaller micro businesses.
Thousands of employees will also be protected with NSW committing half of a new $2.1 billion business and employee support program to be delivered together with the Commonwealth.
According to NSW Premier, Gladys Berejiklia, the comprehensive package has three key aims - protecting business, saving and keeping jobs through the lockdown and ensuring people have support during these uncertain and difficult times.
Key components of the 2021 COVID-19 package include:
- An extension to the previously announced business grants program - eligible businesses with Australian wages below $10 million can claim grants between $7500 and $15,000 to cover the first three-weeks of restrictions;
- Up to $2 billion committed to the scheme to provide cashflow support to businesses so they can retain staff, to be delivered together with the Commonwealth.
- Payroll tax waivers of 25 per cent for businesses with Australian wages of between
- $1.2 million and $10 million that have experienced a 30 per cent decline in turnover, as well as payroll tax deferrals and interest free repayment plans;
- A new grants program for micro businesses with a turnover of between $30,000 and
- $75,000 which experience a decline in turnover of 30 per cent. The businesses will be eligible for a $1500 payment per fortnight of restrictions.
- A capped grant of up to $1500 for residential landlords who are not liable to pay land tax who reduce rent for tenants estimated at $210 million;
- Land tax relief equal to the value of rent reductions provided by commercial, retail and residential landlords to financially distressed tenants, up to 100 per cent of the 2021 land tax year liability;