NSW Government has released its 2022 Small Business Support Program to support businesses which have been impacted by the recent Omicron wave of Covid-19.
Business owners are encouraged to apply themselves via the Service NSW Website – https://www.service.nsw.gov.au/transaction/apply-2022-small-business-support-program
The grant program is very similar to that of the recent JobSaver grant administered by NSW Government.
APPLICATIONS CLOSE 31 March 2022
Grant Provided
- One payment covering the 4-week period of February 2022
- Employing Businesses – payment will be 20% of weekly payroll. Minimum payment of $750 per week to a maximum of $5,000 per week
- Non Employing Businesses (e.g. sole trader) – Set amount of $500 per week
- So total grant announced is between $2,000 – $20,000 depending on your business size
Key Eligibility (other eligibility criteria apply)
- Aggregated annual turnover between $75,000 and $50m for the year ended 30/6/20 or 30/6/21.
- Experienced a decline in turnover of 40% or more due to the impacts of Covid-19:
- During January 2022 compared to January 2020 or January 2021; AND
- From 1-14 February 2022 compared to the same fortnight in February 2020 or 2021
- Maintain your employee headcount from 30 January 2022 – 28 February 2022
- For non-employing businesses (e.g. sole traders), show that 50% or more income for associated person is from this business.
- Entities that earn more than 50% of their income from passive sources (e.g. rent, interest, dividends), are not eligible
What You’ll Need
- 2020 or 2021 income tax return which evidence turnover between $75k – $50m
- Evidence of your weekly payroll amount by:
your most recent BAS or IAS within the 2021–22 financial year, (this would be the simplest and preferred option)
your 2020-21 payroll tax reconciliation return, or
a copy of your business’s payroll report filed using Single Touch Payroll (STP) complex minimum report parameters apply.
- Identify how the public health order has directly impacted the turnover of the business
- Have your headcount as at 30 January 2022 ready
- Highly Impacted Industries have reduced evidence requirements. List of highly impacted industries are the following ANZSIC Codes:
4511 – Cafés and Restaurants
4520 – Pubs, Taverns and Bars
4530 – Clubs (Hospitality)
9001 – Performing Arts Operation
9002 – Creative Artists Musicians Writers and Performers
9003 – Performing Arts Venue Operation
- Business not in the above highly impacted industry list require additional evidence to demonstrate 40% decline in turnover. Options for evidence are:
BAS Statements for January 2022 and January 2021/January 2020 (note most small-medium businesses are on a quarterly BAS cycle so this often won’t be available)
A letter from a qualified accountant, registered tax agent, or registered BAS agent
If You Need an Accountant’s Letter/Check Decline in Turnover
If you need an accountant’s letter from Silver & Young, please email David@silveryoung.com.au so that we can assist you. Costs apply where Silver & Young need to assess the decline in turnover/prepare an accountant’s letter.
We request you check your decline in turnover yourself first along with other eligibility criteria before requesting our review/accountant’s letter to avoid any unnecessary costs.
Note – We will not be reviewing any client’s decline in turnover without a specific request from you. If you think you are eligible and need our assistance, please contact us.
Disclaimer
This information is provided in good faith to assist you in understanding the availability of the grants. You should review the Service NSW guidelines and terms and conditions in full prior to completing a claim for any grant. We also note that the above is based on recently announced guidelines and terms and conditions. These tend to get updated and change over time, therefore the above may become invalid. If you have any issues with the grant, you should contact service NSW for assistance and guidance.