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Small Business Hardship Grant announced

Small Business Hardship Grant announced

  • Business News

A new COVID-19 Business Assistance Package has been announced for Western Australian small businesses.

The Level 2 Small Business Hardship Grant Program is open to those small businesses who have experienced a 50 per cent or more decline in revenue for any consecutive period between January 1, 2022, and April 30, 2022, compared to an equivalent period in 2021.

This period has been reduced from four to two weeks to ensure small businesses needing the grant qualify and will provide support to all eligible businesses that meet the criteria.

To be eligible for the Small Business Hardship Grants, businesses must:

  • Have a valid and active Australian Business Number (ABN).
  • Have an Australia-wide payroll of less than $4 million.
  • Show a 50 per cent reduction in revenue for any two-week consecutive period between 1 January 2022 to 30 April 2022, compared to the equivalent period in 2021.

Note: An alternative period in 2021 can be used if the business did not operate at that time or it provides an inaccurate representation of the business’ financial situation.

Businesses that apply and receive funding from other recent support programs, including the Level 1 COVID-19 Business Assistance Package, are eligible to receive grants from the Level 2 package.

Payments to eligible businesses will be according to business size:

  • Sole traders (non employing businesses) will be eligible for payments of $3,000
  • Micro businesses, with one to five employees, will be eligible for payments of $7,500
  • Small businesses, with six to 19 employees, will be eligible for payments of $20,000
  • Medium sized businesses employing 20 people or more, will be eligible for payments of $50,000

This program is open to all eligible businesses that meet the criteria – including the hospitality, arts and events industries.

Find out more

To learn more visit the Small Business Development Corporation HERE.

Contact Elevate Accounting on 08 9460 1040 or book your obligation free appointment online HERE.

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