Grants provide timely support for smallest businesses

Grants provide timely support for smallest businesses

The Hunter Business Chamber has commended the NSW Government’s announcement of a $750 million fund to provide grants for small and micro businesses affected by coronavirus.

Eligible businesses with fewer than 20 employees can apply for a grant of up to $10,000 under the scheme.

“This initiative from the NSW Government provides targeted support to the many small and micro businesses that collectively make a very important contribution to state economy through the staff they employ, the products and services they produce and the turnover they generate,” Hunter Business Chamber CEO Bob Hawes said.

“While previous announcements from the NSW Government have centred on concessions for businesses that are large enough to pay payroll tax, this latest fund is aimed at smaller businesses with a handful of employees who may have been forced to close or vastly reduce their operating hours.

“Along with our affiliate organisation Business NSW, we have championed the cause of these small businesses, and are pleased to see this important cohort recognised through a targeted support package.

“This grant, together with the JobKeeper program announced by the Prime Minister earlier this week, will help more small businesses to keep their doors open and their staff in work.

“We understand the grants will be available to businesses with between 1 and 19 employees and a payroll below $900,000 if they have been highly affected by the closures and restrictions enforced by the Public Health (Covid-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020.

“Businesses will be able to use the funding for unavoidable business costs such as utilities, overheads and legal costs.

“A portion of the grant will allow businesses to access financial advice, to help them navigate through the many state and federal government support packages available and ensure they are taking full advantage of whatever assistance they are eligible to access.

It is important that small businesses seek the advice of professionals who can advise on the specifics of their particular business.

“Business owners and operators we have been speaking with are very committed to keeping their doors open and their staff employed, and this assistance will help them achieve those objectives and play their part in keeping our economy going through the crisis.”