The new support package will be especially beneficial for the creative arts industry that has been hard-hit by the recent omicron surge, giving them some degree of certainty in regard to events and rehearsals.
Premier Dominic Perrottet said the package includes financial support for small business to buy rapid antigen tests (RATs) to help keep their workers safe and a new Small Business Support Program to assist businesses to help keep their workers employed.
“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,” Mr Perrottet said.
“We are also providing support to business 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.”
He said the targeted package provides support for businesses that experienced cash-flow issues and the immediate economic impacts of the omicron outbreak.
“NSW is tracking better than expected and confidence is returning. And as we did with earlier recoveries, we will come through this recent challenge stronger than ever,” Mr Perrottet said.
The Small Business Support Program provides eligible businesses a lump sum payment of 20 per cent of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week.
In addition, the existing Small Business Fees, Charges and RAT Rebate will be increased by 50 per cent from the current $2,000 limit to $3,000 and employing businesses will be able to use the rebate to obtain RATs. This will support worker availability by helping reduce costs to small businesses and enabling healthy staff who have been exposed to COVID-19, but test negative, to return to work.
Deputy Premier and Minister for Regional NSW, Paul Toole, said the support package would provide a statewide response to the omicron wave of the pandemic, targeting those businesses that need it the most.
“Our regions have felt the impacts of Omicron, and it’s critical we give them a helping hand to recover and get local economies humming again,” Mr Toole said. Treasurer Matt Kean said we know some businesses in NSW have faced challenges and it is vital we get them the support they need to stay afloat and keep their workers in jobs.
“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,” Mr Kean said.
“The Small Business Support Program helps those businesses with annual turnover of between $75,000 and $50 million with a decline in turnover of at least 40 per cent by providing a payment covering up to 20 per cent of their weekly payroll.
“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.”
Small Business Minister, Eleni Petinos, said the program was important to ensure small businesses have the resources and cash flow they need to survive this outbreak and bounce back.
“We know that the over 800,000 small businesses in NSW are the lifeblood of local communities and that many of these businesses experienced challenges due to the Omicron wave of the pandemic,” Ms Petinos said.
“This package will help relieve some of the costs of small business including keeping workers safe, assist with cash flow and support small businesses to continue trading.”
Chief executive of the national employer association Ai Group, Innes Willox said the support package will provide welcome relief to businesses suffering from the self-imposed lockdown by many in the community.
“Payroll relief and the range of other measures will help businesses get back on their feet after a subdued summer where consumer confidence and demand have been suppressed,” he said.
“The NSW Government has consulted widely on the measures to support industries get through what has been a particularly tough period for our city and regional centres. Businesses in other states will now be looking for similar support from their state governments.
“The focus now also needs to be on rebuilding consumer and business confidence. The dollars need to be matched by a concerted effort by governments to start putting the pandemic behind us both through words and deeds.
“Health officials could start by relegating the daily COVID tallies to history. The increasingly unreliable data is perpetuating unease in the community and preventing our overwhelmingly vaccinated communities from getting on with normal life.”
