There have two recent COVID-19 development initiatives to assist business that we would like you to be aware of.
- $3,000 NSW Government Grant expires on Monday 31st August, 2020 at 11.59pm.
Eligible small businesses, not-for-profits, and other business types that have fewer than 20 Full Time Equivalent (FTE) staff (including non-employing businesses, such as sole traders) as at 1 March 2020 can apply for recovery grants of $500 to $3000.
Please discuss with Adam Shen or Tony Cohen for further information or click on the following link.
- JobKeeper 2.1
On 21 July 2020, in light of the continuing COVID-19 crisis, the Government announced it will extend the JobKeeper program by six months to 28 March 2021. However, the worsening economic conditions in Victoria due to the Stage 4 restrictions have caused the Government to rethink the eligibility conditions and make some further changes.
https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/jobkeeper-payment-and-income-support-extended On 7 August 2020, the details of JobKeeper 2.1 were announced – https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/more-support-businesses-and-workers This article discusses the announced changes to JobKeeper and what the redesigned rules mean for employers and employees beyond September.
Small business can still apply (for up to) $3,000 COVID recovery grant until 31 August 2020.
Further change to decline in turnover test –
Under the JobKeeper 2.1 changes announced on 7 August 2020, to be eligible for JobKeeper:
- From 28 September 2020 to 3 January 2021, businesses will need to demonstrate that their actual GST turnover has declined by the requisite percentage in the September 2020 quarter only, relative to the corresponding quarter in 2019;
- From 4 January 2020 to 28 March 2021, businesses will need to demonstrate that their actual GST turnover has declined by the requisite percentage in the December 2020 quarter only, relative to the corresponding quarter in 2019.
For further information please see the attachment.