Small Business Support Program: Payroll support to businesses affected by Omicron
Just when we thought that we’d seen the worst of it with the emergence of the Delta strain, COVID-19 threw us for a loop and unleashed Omicron. Businesses who had hoped to make up for lost revenue by enjoying a busy Christmas and New Year period were disappointed, with the Omicron wave severely affecting the NSW economy. As an accountancy, bookkeeping firm or bureau, this article will help you to understand the upcoming program for you or your clients, who may be struggling from the recent Omicron emergence.
About the package
The Small Business Support Program is designed to help support small to medium businesses that suffered during the Omicron outbreak.
The government also announced that additional support would be provided to help reimburse businesses for the cost of rapid antigen tests for their workers, as well as other business costs.
Eligibility for you and your clients
Businesses will need to prove that they suffered a decline in turnover of 40% or more throughout:
- January 2022, compared to 2021 (or 2020)
- 1 to 14 February 2022, compared to 2021 (or 2020).
In order to apply, annual turnover will need to be between $75,000 and $50 million, and businesses will need to have maintained their employee headcount from 30 January to 28 February 2022.
Payments for eligible businesses will be equivalent to 20% of weekly payroll, and will range from $750 to $5000. Non-employing businesses may receive $500 per week, if applicable.
For a comprehensive list of all eligibility criteria, take a look here.
How to apply for the grant
Applications close on 31 March 2022, and can be applied for directly with Service NSW. Alternatively, you can apply for your clients business on their behalf.
Weekly payroll should be determined by referring to the most recent Business Activity Statement (BAS) provided to the ATO for the 2020-21 tax period.
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Disclaimer: The information in this article is current as at 1 June 2022, and has been prepared by Webscale Pty Ltd (ABN 70-154-693-955) and its related bodies corporate (KeyPay). The views expressed in this article are general information only, are provided in good faith to assist employers and their employees, and should not be relied on as professional advice. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. KeyPay does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article. You should undertake your own research and to seek professional advice before making any decisions or relying on the information in this article.