Cash Grant Lifeline for SA Businesses

Written on July 21, 2021
Image

The Government of South Australia has today announced emergency cash grants for small and medium-sized businesses affected by the state’s seven-day lockdown.

This new Business Support Package will assist an estimated 50,000 eligible businesses across the state that have suffered a significant loss of income or been forced to close and will be worth approximately $100 million.

The one-off emergency cash grants will be worth either $3,000 or $1,000 (for eligible small businesses that do not employ staff). The State Government will also provide fully-funded payments of up to $600 per week for eligible workers in regional SA, who live or work outside of the Commonwealth-declared ‘hotspot’ local government areas.

The Commonwealth’s COVID-19 Disaster Payment scheme provides $375 per week for those workers who have lost between 8 and less than 20 hours’ work, or have lost a full day of work, and $600 per week if a person has lost over 20 hours’ work.

In order to be eligible for the one-off $3,000 emergency cash grant, a business must, as at 12:01am Tuesday 20 July 2021:

Be located within South Australia

Have an annual turnover of $75,000 or more in 2020-21 or 2019-20

Be registered for GST

Employ people in South Australia

Have an Australia-wide payroll of less than $10 million in 2019-20

Have a valid Australian Business Number (ABN)

Experienced at least a 30 per cent reduction, compared to the week prior, in turnover due to the restricted trading conditions

To be eligible for the one-off $1,000 emergency cash grant, a non-employing business must meet the criteria listed above excluding the requirement to employ people.

The payments will be paid in arrears for the lockdown and anyone affected can apply through myGOV from Wednesday, 28 July.

Applications for the Business Support Grants are expected to open within two weeks on the Treasury Website.

Further support will also be considered if the lockdown is extended beyond seven days.

If you require any further information regarding the eligibility requirements or would like to discuss your options further, please do not hesitate to contact our office.

There is also eligibility checks that will continue to be updated as they relate to South Australia available at the following link:

https://www.servicesaustralia.gov.au/individuals/services/centrelink/covid-19-disaster-payment

Please don’t hesitate to get in touch with your usual Jaquillard Minns contact if you need any assistance during this time.

Share
Resources

Related articles

Restructuring a Trading Business: Transitioning from a Discretionary Trust to a Private Company in Australia
Restructuring a Trading Business
November 5, 2024
Restructuring a trading business is a significant decision, especially when transitioning from a discretionary trust to a private...
Read More
Image
The Benefits of Outsourced CFO Services
September 30, 2024
In today’s fast-paced and competitive business environment, managing your financial strategies and keeping a close eye on your...
Read More
Image
Clarifying Tax Implications for Trust Distributions
August 29, 2024
The Australian Taxation Office (ATO) has recently released a Draft Taxation Determination, TD 2024/D2, that aims to clarify...
Read More