NSW and federal government to reveal extra COVID-19 support payments for SMEs

The New South Wales and federal governments are expected to announce a financial support package as early as Tuesday morning that will help struggling businesses retain staff amid the Sydney’s ongoing coronavirus restrictions.

The Commonwealth approved the assistance package in an expenditure review committee on Monday, following discussions between the NSW and the federal governments over the weekend. A joint announcement is expected to be made on Tuesday.

The package, which will be co-funded by the NSW and federal governments, is anticipated to include payments conditional on businesses retaining their staff throughout the lockdown, according to The Australian.

On Monday, NSW Health recorded 112 new local cases of COVID-19 in the 24 hours to 8pm on Sunday, with at least 34 of those cases active in the community while infectious.

The spike in coronavirus case numbers has raised the likelihood of a further tightening of restrictions and extension of the lockdown across Greater Sydney.

NSW Premier Gladys Berejiklian told reporters on Monday that she would not ease restrictions until the daily number of new local cases found to be active within the community while infectious was close to zero.

The upcoming business support package will add to the NSW government’s relief package that was announced in late June. Under the initial package, businesses paying GST could receive grants of up to $10,000, depending on how much their turnover declined during the first two-weeks of restrictions.  

NSW Premier Gladys Berejiklian told reporters that she and the NSW Treasurer Dominic Perrottet have had regular discussions with the federal government about what further support will be provided.

“The New South Wales government has done a lot of work in this regard, and I hope to have something to announce, within the next couple of days,” she said.

“What we announce in the next few days will have in mind supporting businesses potentially for a longer period, depending on how long the lockdown lasts.”

More to come…