4 minute read
Business
APPLICATIONS FOR SMALL BUSINESS SUPPORT PROGRAM
New South Wales small businesses that experienced a downturn over summer can now apply for a NSW Government support payment of up to $5,000 per week through Service NSW.
Small Business Support Program will provide local businesses get through the current COVID-19 outbreak and keep workers employed.
“Over the summer, Omicron meant many people chose to stay at home, which hit many small businesses in the community hard, especially in the hospitality and tourism sectors”
Service NSW Business Concierge team and grant assessors are standing by ready to assist customers with applications and get hands of business owners.
“The majority of customers submitting complete and eligible applications can expect to receive payment within of approval of their application,” Mr Singh said.
The program is part of a suite of responses to the Omicron wave and is designed to help the businesses in greatest need.
“The program will provide targeted support to businesses with an annual turnover of between $75,000 and $50 million that experienced a decline in turnover of at least 40 per cent in January 2022 and the start of February 2022”
“The payment for employing businesses will cover up to 20 per cent of weekly payroll, up to a maximum of $5,000 per week. Eligible nonemploying businesses, such as sole traders, will receive $500 per week.
“This program is important to assist small and to continue trading.”
Funds can be used to cover business expenses such as wages, rent, loss of perishable goods, professional services, and other costs.
SMALL BUSINESSES DELIVER INNOVATIVE SOLUTIONS
Seventeen small businesses will share in more than $1.5 million in NSW Government funding to develop innovative solutions to such as connectivity in remote areas, water reduction associated with personal protective equipment.
Minister for Science, Innovation and Technology Alister Henskens said the Small Business Innovation and Research program was helping local businesses solve long-standing problems, while boosting jobs, products and services in high-tech industries.
“NSW has great business innovators and we want to harness that of this program will back small businesses to develop devices and systems that have the people, the environment and our economy,” Mr Henskens said.
“We are investing in a range of innovative projects which include drone-surveying technology, navigation systems for people who are vision impaired systems, all designed to in NSW.” areas outlined under the program included Connectivity, Hyperlocal Navigation, Koala Count, Personal Protective Equipment
Minister for Small Business Eleni Petinos said businesses will receive up to $100,000 to undertake threemonth feasibility studies into their proposed solutions.
“This program is harnessing the power of local innovation and supporting small businesses by investing
in ideas to create jobs and change lives,” Ms Petinos said. NSW Chief Scientist and Engineer Professor Hugh Durrant-Whyte said the program has received a huge response from local innovators. “We hosted webinars which were attended by over 250 local businesses, entrepreneurs and researchers. The response has been overwhelming and shows the strength and depth of local talent,” Professor DurrantWhyte said. Proof-of-concept grants of up to $1 million each will be available to businesses that complete a successful feasibility study. A new set of challenges and further feasibility grants will be offered later this year.
HAVE YOUR SAY ON FASTER PAYMENTS POLICY
Small business owners are encouraged to have their say on the NSW Government’s Faster Payment Terms Policy as part of a review Economic Recovery Strategy.
Under the Faster Payments Policy, the NSW Government aims to make eligible payments to registered small business suppliers days.
Minister for Finance Damien Tudehope said there had been numerous advances in technology, including the introduction of e-invoicing and new payment platforms, since the introduction of the Faster Payments Policy in 2018.
“Last year the NSW Government made it easier for businesses to register for faster payments with around 10,000 additional small business automatically registered for the policy,” Mr Tudehope said.
“The review will assess whether the policy remains appropriate, how effective and meeting its objectives and any opportunities for improvement.
“If small businesses provide feedback on the policy, we can ensure it is working effectively as we move on from the challenges of COVID-19 and plan for a prosperous future.
“If there are any issues, we want to hear about them so we can make improvements if they’re needed and ensure the policy is supporting businesses.”
Minister for Small Business and Fair Trading Eleni Petinos said the policy was designed to create greater certainty around businesses.
“Under the policy, in the September quarter last year 97.5 per cent of payments were made days,” Ms Petinos said. major issue for small businesses, so getting paid on time allows them to cover business expenses such as rent, wages and utilities.
“The NSW Government has taken the lead in ensuring our small businesses are paid quickly.
“This is an important measure and I look forward to hearing suggestions on how we can make further improvements to the policy to support the thousands of small businesses who do work with the NSW Government.”
When the Faster Payments Policy was introduced in December 2018, payments were made by Government to small businesses within 20 calendar days, and that timeframe has since business days.
The review will focus on three key areas: Small Business supplier experience; Administration and implementation; and Technology and related practices
In addition to small business owners, the review will also consult with industry bodies representing small business and government agencies.
For more information on the existing Faster Payments Policy go to: www.smallbusiness. nsw.gov.au/get-help/ faster-payment-terms/ faster-payment-termspolicy
To complete the Have Your Say, go to: www.
haveyoursay.nsw.gov. au/fpt-review
