About the Small Business Support Program
The NSW Government established the Small Business Support Program to provide cash flow relief to help businesses survive the immediate revenue impacts of the Omicron wave of COVID-19 and keep staff on their books.
The application deadline of 29 April is fast approaching and there are many requirements to prove eligibility. Falanga & Co is here to help you get the support your business needs.
What’s on offer?
The financial support on offer is for small businesses, registered charities and not-for-profit organisations in NSW and includes:
- A lump sum payment of 20 per cent of weekly payroll for the four-week period of February 2022.
- The minimum payment will be $750 per week, and the maximum payment will be $5,000 per week.
- Eligible businesses without employees will receive $500 per week.
These funds can be used for such expenses as salaries and wages, utilities and rent, financial, legal or other advice, marketing and communications, perishable goods, and other business costs.
Is my business eligible?
The primary requirement is that your business must have experienced a decline of 40 per cent or more in turnover due to COVID-19, during the month of January 2022, compared to January 2021 or 2020 and from 1–14 February 2022 compared to the same fortnight in February in the previous year.
For example, did your business suffer through reduced customer demand, labour shortages and supply chain disruptions? These are valid reasons that will support your application. But if your business lost revenue for other reasons, such as closing for the holiday period, seasonal variances or for renovations, then it will not be eligible for support.
In addition to the COVID-19 related impact, to qualify your business must have had:
- An Australian Business Number (ABN) and was operating in New South Wales on 1 January 2021.
- An aggregated annual turnover of between $75,000 and $50 million (inclusive) for the year ended 30 June 2021 or 30 June 2020.
- And maintained your employee headcount from 30 January to 28 February 2022 (if applicable).
However, to demonstrate eligibility, small business will have to provide evidence of weekly payroll calculations, employee headcount, statutory statements such an Australian Tax Return and BAS to demonstrate the business had an applicable aggregated annual turnover or was the primary source of income for an individual (if no employees) and backed by a letter from a qualified accountant, registered tax agent or registered BAS agent.
Who isn’t eligible?
The types of organisations not eligible include those that are government-owned, in administration, liquidation, or by an individual experiencing bankruptcy or have not traded for 12 months prior to 31 January 2022.
How Falanga &Co can help your business?
We can help your business apply and secure support in two ways:
- Conducting eligibility testing and preparing the accountant’s letter.
- Conducting eligibility testing, preparing the accountant’s letter and submitting the application on your behalf.
Applications close on 29 April 2022, get in touch today to see how we can help you to apply, or to talk to us about other ways we can help make your business more resilient as we come out of the pandemic.
For more information on government support for small business or to lodge your application please visit the Service NSW website.
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