NSW’s COVID-19 lockdown will go for at least another four weeks, prompting the state and federal governments to announce more financial lifelines for businesses and individuals.
As of next week, the COVID-19 Disaster Payment will be boosted from $600 to $700 each week if a person has lost 20 hours or more of work a week, or $375 to $450 each week if a person has lost between 8 and 20 hours of work.Â
Additionally, individuals receiving JobSeeker will get a $200 boost per week, if they have lost more than eight hours per week.
Both governments (state and federal) have also agreed to expand the COVID-19 Business Support payment.
Under the expanded payment, eligible entities, which includes not-for-profits, will now receive payments of between $1,500 and $100,000 per week based on the level of their payroll, with the maximum turnover threshold increased from $50 million to $250 million.
The payment will continue to be calculated based on 40 per cent of payroll for businesses that have suffered a 30 per cent or more decline in turnover.
For non-employing businesses, such as sole traders, the payment will remain set at $1,000 per week.
For a full media brief, visit www.pm.gov.au/media/nsw-business-support-package-expansion
The NSW state government has released multiple financial support packages for businesses and individuals that are affected by the COVID-19 outbreak and subsequent lockdown.
A one-off payment to help businesses with cashflow support for the first 3 weeks of lockdown.
Fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses.
A fortnightly payment for businesses with a turnover between $30,000 and $75,000.
Businesses have the option to defer their payment of the 2020-21 annual reconciliation, July and August 2021 monthly return periods until 7 October 2021. Interest free repayment plans for up to 12 months will be available.
A 25% reduction to help reduce overheads for eligible businesses with a 30% decline in turnover.
For more information and links to apply –Â https://www.nsw.gov.au/covid-19/2021-covid-19-support-package/businesses-sole-traders-and-small-not-for-profits
The payment helps workers who are unable to earn money due to a COVID-19 lockdown or hotspot.
You may be eligible for financial support if you can’t earn money because NSW Health has directed you to self-isolate or quarantine for 14 days or you are caring for someone who has COVID-19.
For more information and links to apply –Â https://www.nsw.gov.au/covid-19/financial-support
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If you are in need of our assistance, we encourage you to contact us as soon as possible.
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