Wednesday, July 6, 2022

NSW govt announces business support measures for SMEs

The NSW Government has committed to provide a Summer Holiday Stock Guarantee for Small and Medium Enterprises (SMEs) and will expand the Small Business Fees and Charges Rebate for all eligible small businesses.

Small and medium business owners will be able to open with confidence thanks to a suite of support measures from the NSW Government, as part of the Economic Recovery Strategy.

Under the SME Summer Holiday Stock Guarantee, eligible businesses with an annual turnover between $75,000 and $50 million will be able to apply for a grant of up to $20,000 to compensate for loss of perishable stock, or claim $10,000 for reduced capacity to sell non-perishable items if a local lockdown occurs and they are impacted.

The expanded Small Business Fees and Charges Rebate will be eligible for use until 30 June 2022.

Premier Dominic Perrottet said these measures were key to giving businesses the confidence to open up and plan for the future, which will help reboot our economy.

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“Now that we’ve reached the 70 per cent double vaccination target, it’s wonderful to see businesses reopening their doors and welcoming back customers,” Mr Perrottet said.

“These measures will give businesses and workers confidence to purchase stock and invest for the future knowing their doors will remain open as we get our economy firing again.”

Treasurer Matt Kean said the Stock Guarantee of up to $20,000 would be available if non-essential SMEs were forced to shut their doors between 1 December 2021 to 31 January 2022 due to public health orders.

“It’s devastating for businesses and their employees when they have to shut due to COVID but the grants will make it easier for businesses to manage their stock with confidence,” Mr Kean said.

“We want businesses to have the confidence to get out and spend and invest in their business ahead of the busy Christmas trading period.

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“We expect the summer will be a bumper time for businesses as the people of NSW emerge from lockdown and look to support their local, and we want business owners to know we have their back.”

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Minister for Finance and Small Business Damien Tudehope said the Government wanted to ensure businesses could open with confidence and certainty.

“It hasn’t been an easy ride for businesses across the state and now we are reopening, this should give them some assurance that we will be there for them every step of the way,” Mr Tudehope said.

“Small businesses will now be able to claim road user tolls under the Small Business Fees and Charges Rebate, which is being increased from $1500 to $2000.

“The rebate can be used to offset NSW and local government fees and charges and adding tolls to the list of claimable charges is going to make a massive difference to many small business owners who use vehicles for work.”

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