The New South Wales government has announced a $1 billion financial support package for businesses hit by the COVID-19 Omicron variant across the state.
The package includes a new Small Business Support Program aimed to help businesses keep staff employed, and some financial support for small businesses to buy rapid antigen tests (RATs).
The Small Business Support Program will support businesses with annual turnover of between $75,000 and $50 million that saw a decline of at least 40 percent in turnover by providing payments to cover up to 20 percent of the businesses’ weekly payroll. The lump sum payments will range from $500 a week to a maximum of $5000 a week.
As for the RATs financial support, the NSW Government’s Small Business Fees, Charges and RAT Rebate will be increased from the current $2000 limit to $3000.
In a statement released today, NSW Premier Dominic Perrottet said the NSW Government is determined to support businesses that have been most affected during this wave of the pandemic.
“As part of the package, we are introducing the Small Business Support Program to help support businesses that experienced the worst effects of the Omicron wave,” Perrottet said.
“We are also providing support to businesses to help reimburse the cost of rapid antigen tests for their workers, extending the Commercial Landlord Hardship Grant and delivering additional funding for the performing arts sector.
“This targeted package provides support for businesses who experienced cash flow issues and the immediate economic impacts of the Omicron outbreak.”
NSW Treasurer Matt Kean said, “As we continue to protect the health and safety of our community, we have to ensure our economy is resilient and our businesses are supported so they bounce back from this most recent phase of the pandemic.”
“By ensuring businesses keep their doors open and their employees paid, we are confident our economy will bounce back strongly as it did last year.”