Home > Industry > Business Rescue Packages Announced For Sydney

Business Rescue Packages Announced For Sydney

Scott Morrison has announced today that the Commonwealth will provide targeted support to both individuals and businesses impacted by the ongoing Sydney lockdown, despite originally suggesting the latter payments would be the state’s responsibility.

The NSW outbreak has proved to be more severe, more dangerous [than Melbourne’s recent lockdown], and it’s in the national interest that we now put in place an upgraded set of arrangements for cooperation with the states and territories within that will first be put in place here with NSW when lockdowns enter into more protracted situations,” he explained.

Businesses will be eligible for payments of between $1,500 and $10,000 per week. Payments will be of up to 40 per cent of payroll amounts, maxing out at $10,000 a week. Sole traders are eligible for $1,000 a week. This will be funded 50/50 by the Commonwealth and the State governments.

Individuals are currently able to receive a payment if they have lost more than 20 hours of work a week in the Sydney metropolitan area, or $325 for those who have lost between 8 and 20 hours.

In week four, those payments will be increased to $600, for those who have lost more than 20 hours, and $375 for those who have lost between eight and 20 hours a week. These will be extended from week four beyond Sydney to the rest of the state.

NSW Treasurer Dominic Perrottet also announced a further expansion and extension to the state’s small business grants. They will increase, and access to those will be expanded for businesses with payrolls of up to $10 million.

“We will also be deferring all payroll tax liabilities for the next two months,” Perrottet said. “And for those businesses with a reduction in turnover of 30 per cent, with under 10 million in payroll, we will completely wave payroll tax for the first quarter this year.”

Micro businesses with a turnover of less than $75,000 but greater than $30,000, with a turnover reduction of 30 per cent during this period of time, will receive a payment of $1,500 per fortnight – starting from week one of the lockdown period until the completion.

There will also be no lockouts or evictions during this period of time, and any rent reduction from landlords to their tenants, will be covered with a rebate or discount in relation to land tax payable from that landlord to the state.

You may also like
Mall Owner GPT Dumps Earnings Guidance For 2021
Large Sydney Retailers Feeling The Pinch, Reject Calls To Close
NSW Rolls Out Business Lockdown Support As Retail Calls For Consistency
Sydney Lockdown To Cost Retail Billions
No Quarantine Cops To Prowl Aussie Streets: ScoMo Promise