NSW COVID-19 business assistance

NSW COVID-19 ASSISTANCE

What government support is available to NSW business?

welcome we are open signIf your business has been adversely impacted by the recent lockdown in NSW, support is available.

On 13 July 2021 the NSW and Federal Governments announced their economic support package aimed at supporting businesses and residents with the recent COVID-19 lockdown.

We've outlined the key economic support measures being offered for dealing with the economic ramifications of the health and safety requirements currently being experienced by our community.

A copy is available on our website under Client Tools/Fact Sheets ยป

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NSW COVID-19 support packages

Major new COVID-19 support package to help NSW businesses

The NSW Government has announced a major new grants package and Dine & Discover changes to help small businesses and individuals across NSW impacted by the current COVID-19 restrictions.

Major new COVID-19 support package to help NSW businessesThe package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August 2021 and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself.

The centrepiece of the package is the small business support grants which will help businesses by alleviating cashflow constraints while trading is restricted. This can be used for business expenses such as rent, utilities and wages, for which no other government support is available.

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COVID-19 Vaccinations and the Workplace

The first COVID-19 vaccination in Australia rolled out on 21 February 2021

With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement.

vaccineThe rollout, managed in phases, is expected to complete by the end of 2021 (you can check your eligibility here). While the Australian Government's COVID-19 vaccination policy states that vaccination "is not mandatory and individuals may choose not to vaccinate", this does not mean that there will not be punitive initiatives for those failing to vaccinate including proof of vaccination to move across borders. Australia for example, already has a precedent with "No Jab, No Play" policies in place to access child care payments (the ability to object to vaccination on non-medical grounds was removed from 1 January 2016).

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COVID19 business devaluation

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring or inviting in new investors, you need to understand the value of your business. 

balloon burstBut, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that 'we're going to come out of it eventually'?

Fair market value is the price that would be negotiated in an open market between a knowledgeable, willing but not too anxious buyer and a knowledgeable, willing but not too anxious seller dealing at arm's length within a reasonable time frame. Value and price may not be the same thing. The price you are offered (or offer), will often depend on the anxiousness of the parties. For example, a seller that does not need to sell where the business being sold adds synergy value to the purchaser, may look to obtain a premium on value. And, even where a quick sale is required it may not be discounted if the liquidated asset value of the business remains high (i.e., the assets of the business are worth more broken up and sold off than as a whole).

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Understand your external environment

The COVID-19 pandemic has implications well beyond the economy

It has changed how business operates and how consumers act. 

resilienceWhile comparisons are made to the 2008 Global Financial Crisis and the recessions of the 1980s and 1990s, the reality is, we have no case study. There is no rule book for the post pandemic road to recovery as this is not an economic event. The pandemic pulls the economy up short curtailing both supply and demand; businesses are not operating at capacity and fewer people are working. 

The Federal Budget is released on 6 October and we're expecting to see the Government invest heavily in job creating projects. Many of these will be focussed on infrastructure. Each of these projects will have a flow through effect to the broader economy. We'll bring you our insights the day after the budget and you should loom to see if there are opportunities your business can capture.

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