COVID-19 Business Support Package Released

Businesses, workers and the performing arts sector across NSW are all set to benefit from a major financial support package of more than $1 billion from the NSW Government.

The package includes financial support for small business to buy rapid antigen tests (RATs) to help keep their workers safe and a new Small Business Support Program to assist businesses to help keep their workers employed.

Member for Oatley, Mark Coure, said that the package will provide an important investment into the NSW economy and help support those most impacted by the Omicron outbreak.

“Our Government knows that small businesses are the driving force behind the State’s economy. This package is supporting them during this difficult period to ensure that we can keep people in jobs and businesses open,” Mr Coure said.

“This targeted support package will provide direct assistance to businesses who have experienced cashflow issues to help alleviate the economic impacts of this outbreak.”

Premier, Dominic Perrottet, said while case numbers are now declining, the NSW Government is determined to support those businesses that have been most affected during this wave of the pandemic.

“As part of the package, we are introducing the Small Business Support Program to help support businesses that experienced the worst effects of the Omicron wave,” Premier Perrottet said.

“We are also providing support to businesses to help reimburse the cost of rapid antigen tests for their workers, extending the Commercial Landlord Hardship Grant and delivering additional funding for the performing arts sector.”

Treasurer, Matt Kean, said we know some businesses in NSW have faced challenges and it is vital we get them the support they need to stay afloat and keep their workers in jobs.

“As we continue to protect the health and safety of our community, we have to ensure our economy is resilient and our businesses are supported so they bounce back from this most recent phase of the pandemic,” Treasurer Kean said.

“The Small Business Support Program helps those businesses with an annual turnover of between $75,000 and $50 million with a decline in turnover of at least 40 per cent by providing a payment covering up to 20 per cent of their weekly payroll.”

Minister for Small Business, Eleni Petinos, said the program was important to ensure small businesses have the resources and cash flow they need to survive this outbreak and bounce back.

“We know that the over 800,000 small businesses in NSW are the lifeblood of local communities and that many of these businesses experienced challenges due to the Omicron wave of the pandemic,” Minister Petinos said.

“This package will help relieve some of the costs of running a small business including keeping workers safe, assist with cash flow and support small businesses to continue trading.”

The Small Business Support Program provides eligible businesses a lump sum payment of 20 per cent of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week.

In addition, the existing Small Business Fees, Charges and RAT Rebate will be increased by 50% from the current $2,000 limit to $3,000 and employing businesses will be able to use the rebate to obtain RATs.

This will support worker availability by helping reduce costs to small businesses and enabling staff who have been exposed to COVID-19, but test negative and have no symptoms, to return to work.

For more information please visit: nsw.gov.au.