The Level 2 COVID-19 Business Assistance Package
The McGowan Government has introduced a Level 2 COVID-19 Business Assistance Package which includes a $66.8 million Small Business Hardship Grants Program as well as $2.8 million of payroll tax relief for large hospitality businesses and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.
On 27 April 2022, there was a revision and expansion to the program as follows:
Payroll under $4 million and suffered a turnover decline of greater than 40%
The Small Business Hardship Grants Program seeks to provide tiered grants to businesses who suffered a 40% or greater reduction in turnover for any consecutive two week period between 1 January and 30 April 2022 when compared to the same period in 2021.
The payments range from $5,000 to $50,000 depending on the number of Full Time Equivalent (FTE) employees of the business.
In addition to the above requirements, businesses are required to have an annual turnover of greater than $50,000, excluding GST and an Australia-wide annual payroll of less than $4 million.
Applications for the Small Business Hardship Grants Program is now open until 4pm AWST, Thursday 30 June 2022.
Payroll under $4 million and suffered a turnover decline of greater than 30%
In addition to the Grant mentioned previously, the latest update to the program has introduced a new Grant aimed at businesses who have suffered a 30% or greater reduction in turnover for any consecutive two week period between 1 January and 30 April 2022 when compared to the same period in 2021.
The payments range from $3,750 to $37,500 depending on the number of Full Time Equivalent (FTE) employees of the business.
The other requirements needing to be met as well as the deadline to submit applications remain the same as the previous Grant.
Payroll between $4 million and $20 million
Larger hospitality businesses who expect their total Australian taxable wages for the 2021/2022 financial year to be between $4m and $20m may be eligible for the Payroll tax waiver.
Your turnover must have dropped 40% or more during a consecutive 4 week period between 1 January 2022 to 30 April 2022 compared to the same period the previous year.
If you are eligible then your payroll tax for the period 1 April 2022 to 30 June 2022 will be waived.
Please note that due to the difference in payroll threshold requirements between the Small Business Hardship Grants Program and Payroll tax waiver, you will not be able to be eligible for both programs.
Should you require any assistance in applying for the above grant, please contact your Hall Chadwick representative.
Who to get in touch with
