The NSW Government have announced the details of a $1 billion dollar support package to assist with the disappointing impact of the latest Covid-19 Omicron variant; aimed to support businesses, workers and the performing arts sector.
Premier Dominic Perrottet has insisted that the economy is performing much better than expected, exclusive of the $1 billion dollar Omicron support package. Confidence is returning as NSW continues to show signs of economic recovery, and with the continued financial assistance, Treasurer Matt Kean predicts that the new support package will assist the economy to bounce back from the Omicron variant.
Payment Information
Applies to losses incurred in February 2022
Lump sum payment of 20% of weekly payroll
Grants range between $750 - $5,000 per week
Eligible non-employing businesses will receive $500 per week, paid as a lump sum of $2,000
No back payments will be made for January 2022
Money will be accessible between 5 - 15 business days
Eligibility - Small/Medium Businesses
Turnover of between $75,000 - $50 million (inclusive) for the 2021 or 2020 financial year
Proof of a 40% loss through January 2022, compared to January 2021 or January 2020
Experienced a decline in turnover of 40% or more from 1 - 14 February 2022, compared to the same financial year used above
Maintain employee headcount as of 30 January 2022
Declaration of a prediction of a similar loss in February 2022
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To contact an Accountant for further assistance, please contact our office on 02 4340 2415 or office@beda.com.au