Detailed guidelines for the 2022 Small Business Program have been released by Service NSW.
We have summarised the key points about the support program below:
About the program
- The 2022 Small Business Support Program will provide cash flow support to help businesses survive the immediate impacts of the current Omicron wave of COVID-19 and maintain employee-employer relationships.
- Service NSW and Revenue NSW will deliver the Small Business Support Program on behalf of the NSW Government.
- Eligible businesses will receive one payment covering the four-week period of February 2022. Businesses will not receive payment for January 2022.
- Eligible employing businesses will receive the equivalent of 20 per cent of weekly payroll for work performed in New South Wales:
- the minimum payment will be $750 per week, and
- the maximum payment will be $5,000 per week.
- Eligible non-employing businesses will receive $500 per week.
- Weekly payroll amount will be calculated by referring to the most recent BAS or IAS provided to the ATO for a tax period that falls within the 2021-22 financial year.
Businesses impacted by COVID-19 will be eligible if they:
- Had an Australian Business Number (ABN) and were operating in New South Wales on 1 January 2021.
- Had an aggregated annual turnover of between $75,000 and $50 million (inclusive) for the year ended 30 June 2021 or 30 June 2020 (must use the financial year for the Australian Tax Return most recently lodged with the ATO).
- Experienced a decline in turnover of 40 per cent or more due to the impacts of COVID-19 during the month of January 2022, compared to January 2021 or January 2020
- Experienced a decline in turnover of 40 per cent or more due to the impacts of COVID-19 from 1–14 February 2022 compared to the same fortnight in February in the comparison year used for criterion listed above, and
- Maintain their employee headcount from 30 January to 28 February 2022.
- Decline in turnover due to the impacts of COVID-19, not because of other reasons such as seasonal variations or business closure for the holiday period.
- For non-employing businesses, the business receiving payments must be the primary income source (ie 50 per cent or more of total income) for the associated individual.
How to apply
- Applications opened 16 February 2022 and will remain open until after 11:59pm on 31 March 2022.
- Applications to be done online through Service NSW website
- Applicants will need to upload both the latest tax return that has been lodged and the BAS used to calculate the weekly payroll amount
- Businesses that are not listed in the highly impacted list will need to upload a BAS or a letter from their accountant to evidence that they meet the 40% decline in turnover.
- Alternative tests are available for impacted businesses but were not operating 1 January 2021 or were affected by natural disasters or sickness and injury.
To apply please use this link https://www.service.nsw.gov.au/transaction/apply-2022-small-business-support-program
Please feel free to contact any of our trusted advisors should you require assistance with your application.