Increases in financial support has been announced by the federal government to address the negative impact of lockdowns to business owners and employees in NSW. The announcement comes with the extension of the NSW lockdown by four weeks.
The Australian government advised increases in the COVID-19 Disaster Payment will cover Australian employees and worker who have reduced hours of work, as well as businesses by way of an expanded COVID-19 Business Support Payment.
COVID-19 Business Support Payment
Business, organisations, and not-for-profits, can be eligible for payments ranging from $1500 to $100,00 depending on their payroll with the threshold limit of $50 million to $250 million in turnover. Payments will be determined by calculations of 40% of payroll, and to be eligible – businesses will need to prove a 30% drop in turnover.
Payments to sole traders that do not employ staff remains unchanged at $1000 per week.
COVID-19 Disaster Payment & JobSeeker
Australian workers who have:
- Lost more than 20 hours a week of work, receiving $600 will see payments increase to $750 per week.
- Lost less than 20 hours of work a week will see payments increase from $375 to $450 per week
- Australians currently on JobSeeker who have lost more than 8 hours per week of work will receive a a special disaster supplement of $200 per week
The government has advised that these changes will take effect from 18 July 2021