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Huge $3.9billion cash splash for struggling NSW businesses crippled by Covid outbreak as their financial lifeline is extended with lockdown to drag on another six weeks

Businesses struggling though NSW's Covid-19 lockdown will have their lifesaving financial support extended.  

Another $3.9billion - split between the state and federal governments - will go towards wage subsidies, grants and rent and tax relief.

Sydney's lockdown, imposed in late June, was due to end this week but has been extended until October as the city continues to record more than 1,000 cases a day.

Businesses struggling though NSW's Covid-19 lockdown will have their lifesaving financial support extended. Pictured: Closed pubs in The Rocks, Sydney

Businesses struggling though NSW's Covid-19 lockdown will have their lifesaving financial support extended. Pictured: Closed pubs in The Rocks, Sydney

Another $3.9billion - split between the state and federal governments - will go towards wage subsidies, grants and rent and tax relief. Pictured: A Sydney cafe

Another $3.9billion - split between the state and federal governments - will go towards wage subsidies, grants and rent and tax relief. Pictured: A Sydney cafe

Regional NSW is also in lockdown until at least September 10 due to outbreaks in several towns including Wilcania in the state's far west.

Under the JobSaver scheme, eligible businesses with revenue between $75,000 to $250 million that lose at least 30 per cent of their turnover will get grants worth 40 per cent of their pre-Covid weekly wage bill. 

Micro businesses that suffered a 30 per cent turnover decline will get fortnightly grants of $1,500. 

And landlords who provide rent relief to their retail or residential tenants can claim up to $4,500 a month from the state government.   

NSW Treasurer Dominic Perrottet said the ongoing support would be vital to help keep businesses in business and people in jobs.

'We are giving businesses, employees and families across the State certainty they can access the financial help needed to get them through,' Mr Perrottet said.

'We know business and communities are doing it tough and this ongoing support will not only help get them through the depths of the pandemic but will also provide them with a springboard to bounce back once restrictions ease.

Micro businesses that suffered a 30 per cent turnover decline will get fortnightly grants of $1,500. Pictured: A Sydney cafe

Micro businesses that suffered a 30 per cent turnover decline will get fortnightly grants of $1,500. Pictured: A Sydney cafe

'We will continue to stand by businesses and individuals and provide the support needed. We will also be there on the other side as we emerge from lockdown and head towards recovery.'

The Commonwealth is putting $1.5billion towards the latest package, with NSW making up the rest. 

The NSW Government has now committed $7.7 billion in Covid-19 support measures, with a further $3.4 billion from the Commonwealth, bringing the total assistance for businesses and individuals to more than $11 billion.    

Which support has been extended? 

Extension of JobSaver from 28 August

· Eligible businesses with a turnover between $75,000 to $250 million that continue to experience a minimum 30 per cent decline in turnover due to the Public Health Order will be eligible for payments of up to 40 per cent of their pre-COVID weekly NSW payroll;

· Eligible businesses in the hospitality, tourism and recreation sectors with a turnover of more than $250 million and up to $1 billion that continue to experience the requisite decline in turnover due to the Public Health Order will be eligible to receive payments of 40 per cent of their pre-COVID weekly NSW payroll, up to $500,000 per week;

· Eligible Not-for-Profit organisations in the social support and animal welfare sectors with a turnover between $75,000 and $250 million that show a minimum 15 per cent decline in turnover will be eligible for payments of up to 40 per cent of their pre-COVID weekly NSW payroll. Eligible NFPs will be able to apply from later in September to access backdated payments.

Extension of the COVID-19 Micro-business Grant from 28 August

· Eligible businesses with a turnover of more than $30,000 and less than $75,000 that continue to experience a minimum 30 per cent decline in turnover due to the Public Health Order will be eligible for a fortnightly payment of $1,500.

Extension of payroll tax deferrals and waivers

· Businesses eligible for a 2021 COVID-19 Business Grant or JobSaver with payrolls $10 million or less will be eligible for a 50 per cent reduction in their 2021-22 payroll tax, up from 25 per cent.

· All businesses will also be able to further defer payroll tax payments due from July 2021 through to December 2021. The payments will now not be due until 14 January 2022, and 12-month interest free repayment plans will become available.

Extension of support for commercial, retail, and residential landlords

· Eligible commercial and retail landlords that provide rental waivers to COVID-19 impacted tenants and have not claimed land tax relief, will be eligible for a monthly grant of up to $3,000; and

Eligible residential landlords can choose between applying for land tax relief or a further payment of $1,500, taking total assistance to a maximum of $4,500 per tenancy if they agree to reduce the rent for COVID-19 impacted tenants by at least $4,500

Source: NSW government 

 

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