If you’re based in New South Wales, then you may be eligible for the new support packages to help sole traders as Covid variants continue to impact the economy.
Who can get the Small Business Support Program
In order to access the Small Business Support Program you must:
Earn over $75,000 a year (GST registered)
Be able to prove that due to Covid or Covid restrictions you have had a 40% decrease in turnover comparing January 2022 to January 2021 OR January 2020.
You must also prove a 40% or more decline in turnover from 01-14 February 2022 compared to the same fortnight in 2021 or 2020 (whatever one you used to show your January decline).
For example, if you earned $10,000 in January 2021 but only earned $6,000 in January 2022 due to lockdowns - this would equate a 40% decline in turnover year on year.
You would also need to show that if between 01-14 February 2022 you only earned $1,000, in the same period in 2021 you earned more than $1,400.
Given you were able to show a 40% decrease in revenue comparing January 2022 and January 2021 AND are able to show a 40% decrease in revenue comparing 01-14 February 2022 with the same fortnight in 2021 you would be eligible for this grant.
How much can I get?
If you meet the eligibility criteria you will be able to claim $500 for 4 weeks. This will be given to you in one lump sum of $2,000.
How do I get the payment?
Applications for this Support program open mid-February through Service NSW. Currently, this support is only available for February 2022.
If you’re a Hnry customer:
This grant is considered non-taxable income so you don’t need to do anything on Hnry. We highly suggest depositing this money straight into your personal bank account as we don’t need to deduct any tax.
*This article is up to date as of the 11th February, as Covid restrictions change so will this information.