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Small to medium businesses in NSW financially impacted by the omicron wave are set to receive government aid as part of a new $1 billion support package.
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Billion-dollar government package to support SMEs impacted by omicron
31 January 2022
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9 minute read
The NSW government’s 2022 Small Business Support Program aims to help businesses survive the immediate impact of the omicron wave.
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“Eligible businesses with a turnover of between $75,000 and $50 million that experienced a minimum 40 per cent decline in turnover in January 2022 – and the first fortnight of February 2022 – can apply for support through this program,” an official government statement said.
“Employing businesses will be eligible to receive 20 per cent of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week.”
The package will also include support with buying rapid antigen tests (RATs).
Eligible businesses for the program will be able to make an application via Service NSW from mid-February.
Westpac has been the first major bank to welcome the NSW government’s latest support package.
“The Omicron strain has caused disruption for many businesses across New South Wales over the peak holiday trading period and into the New Year,” said Chris de Bruin, Westpac chief executive consumer and business banking.
“The NSW Government’s support package will provide a welcome boost for businesses hardest hit by the Omicron wave through providing financial assistance, commercial rent relief and subsidised Rapid Antigen Tests.
“While the financial impact of the Omicron wave has been on a much smaller scale than we saw at the start of the pandemic, we know there are still some businesses who will need this tailored support to keep doors open and staff employed over the coming months.
“In particular, we’re seeing that businesses in the retail, hospitality and entertainment industries have been most impacted as Australians take a more cautious approach to living with the virus.
“However, the end of lockdowns, opening of international borders, and accelerated roll-out of the booster program means there is still optimism in the business sector. Customers are coming to us wanting to take advantage of the low interest rate environment to grow and expand in the year ahead.”
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