COVID-19 Assistance Packages for businesses in NSW

  • COVID-19
  • Published 01.04.2020

Below is a list of assistance packages available to businesses in NSW. 

Much of this has been publicised in the media however it is a good summary of what is available and includes website links to find out more information and assess eligibility etc.

1. Federal Government Initiatives

  • Increase in the instant asset write-off.
  • Payments between $20,000 to $100,000 to eligible employers to assist with operating expenses, rental expenses, electricity and other bills, and employee wages.
  • Temporary relief for distressed businesses.
  • 15-month investment incentive for eligible businesses.
  • Trainee and apprentice support measures.

For more information: https://treasury.gov.au/coronavirus/businesses

2. JobKeeper Program 

  • Eligible businesses that have been significantly impacted by coronavirus can claim a $1,500 wages subsidy per fortnight for each eligible employee (maximum 6 months).

For more information: https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/jobkeeper-payment

3. Coronavirus SME Guarantee Scheme 

Federal Government will provide a guarantee of 50% to eligible small to medium enterprise (SME) lenders for new unsecured loans of up to $250,000. 

For more information: https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/coronavirus-sme-guarantee-scheme

4. State Government Initiatives

  • The next round of payroll tax cuts have been brought forward.
  • Waiving of payroll tax for eligible businesses for the remainder of the 2019/20 FY.
  • Waiving of a range of fees for small businesses, including bars, cafes, and restaurants.

For more information: https://www.nsw.gov.au/news-and-events/news/health-boost-and-economic-stimulus/

5. Business loan repayments 

  • Assistance packages are available from the Banks that will allow small businesses to defer payments on existing loans for six months. 

For more information: https://www.ausbanking.org.au/banks-small-business-relief-package/

6. Mortgage Assistance 

  • The Big 4 banks have indicated that customers may be able to defer their mortgage repayments for 6 months if needed.  
  • Contact your bank for more information.

Ratnadeep Hor

Partner

P: 02 8257 5710

Email Ratnadeep