COSBOA notes the announcement of the New South Wales Government’s business support package this morning.
Cash payments of $5,000, $7,000, and $10,000 will be available from 19 July for eligible small businesses that have experienced a decline in turnover during the restrictions. Eligible small businesses are those that have an ABN, based in NSW, employ fewer than 20 full time or equivalent staff, and are under the payroll tax threshold of $1.2 million. Hospitality and tourism businesses can apply if their turnover is under $10 million. Sole traders with turnover of $75,000 or more are also included.
COSBOA Interim CEO Alexi Boyd said “The news of these cash grants will be a big relief to small business owners in NSW. We commend the NSW Government for this assistance package and the speed with which it was announced. It’s great to see that they have extended support to the entire state and recognised the impact of travel restrictions during what should have been a busy school holiday period for small businesses in the regions.
“We’re also pleased to see that the eligibility criteria is based on decline in turnover as demonstrated in a letter from an accountant or bookkeeper rather than on ANZSIC codes. It’s COSBOA’s view that decline in turnover is the fairest way of assessing eligibility and we’d like to see it adopted by other states in their support packages.
Ms Boyd added “We would like to see the details of this package become available on Service NSW’s website as soon as possible so that small businesses and their advisers have one true source of information to refer to when planning their applications. We don’t want people having to rely on information on social media.”
COSBOA maintains that a standardised, nationally consistent approach to COVID-19 restrictions (including the definition of an essential businesses) and the way business support is announced and available is needed.
Ms Boyd said “Though the NSW business support package definitely hits the mark, we would have liked to have seen a standard support package developed by the National Cabinet before this latest series of lockdowns. We hope that Western Australia, the Northern Territory, and Queensland will announce how they will support small businesses affected by the lockdowns in their states as soon as possible.”