The federal government has announced unused co-funded financial assist packages for the state of New South Wales, with up to $100,000 a week available for big businesses.
As Berejiklian noted at today’s press conference, the federal government has agreed to co-finance the expansion of Covid-19 Business Support Payments in NSW until at fewest August 2 while Greater Sydney is in lockdown.
Under the expanded payment, eligible entities, which includes not-for-profits, will receive payments between $1,500 and $100,000 per week based on payroll level, with their greatest turnover increased from $50 million to $250 million. Prime Minister,
Whether you’re a worker who’s lost their income or you’re a struggling business, more aid is on the way.
The expansion of the NSW Covid-19 Business Payment remains consistent with the approach we have taken throughout the pandemic in providing temporary, targeted and proportional economic support.
Payment is based on 40% of the payroll of companies that have experienced a 30% or more decrease in their turnover, and is conditioned on the companies maintaining their number of enduring employees and temporary employees for extended periods.
This means that companies cannot take “effective steps to terminate their employment.”
For businesses that don’t use employees, such as individual merchants, payout will still be capped at $1,000 per week.
The government said the expanded payment would cover more than 400,000 companies that employ 3.3 million workers in NSW, subject to eligibility.
The payment will also provide more significant support to businesses to cover unavoidable costs such as rent, insurance and maintenance as well as personnel costs during the extended shutdown period.
It will go back in retrospect to July 18 – when the program first started.
The federal government said workers who lost their hours will persevere to receive disaster payments. To date, more than $411 million in disaster payments have been paid against 812,000 claims.