New Covid-19 financial support for WA businesses.

The McGowan Government announced that they would provide additional support for WA businesses most impacted by level two COVID restrictions that started last Thursday.

The $72 million support package labelled the “Level 2 COVID-19 Business Assistance Package” includes a Small Business Hardship Grants Program, payroll tax relief for large hospitality businesses and a COVID Commercial Sporting Franchises Support Program.

The bulk of the new support package, the Small Business Hardship Grants Program worth $66.8 million, will provide tiered grants to eligible small to medium businesses (“SMEs”) that have had a 50 per cent or greater reduction in turnover for any four-week period between January 1 and April 30 2022, compared to the same period last year.

The SME hardship package will include:

• $3,000 grant for sole traders (no employees);

• $7,500 grant for micro businesses (those with one to five employees);

• $20,000 grant for small businesses (those with six to 19 employees); and

• $50,000 for medium-sized businesses (those with 20 or more employees and with an annual payroll of up to $4 million).

Eligible businesses that have applied and received funding from other recent business support programs, including the Level 1 COVID-19 Business Assistance Package, are also eligible to receive grants from the Level 2 package.

Large hospitality businesses with payrolls of between $4 million and $20 million will receive a three-month payroll tax waiver if they record at least a 50 per cent drop in turnover over any four-week period between January 1 and April 30.

Applications to these programs will open later this month and will provide you with further information once announced.

If you require any further information please get in touch with us.