Support for small businesses affected by public health safety measures will come sooner than expected, with detailed eligibility criteria now released and applications opening as soon as next week.
The recently announced $67 million Level 1 Business Assistance Package and $72 million Level 2 Business Assistance Package have been updated, with periods of reduced turnover shortened to deliver assistance sooner.
For the Level 1 Small Business Rental Relief Package, the period of time for small businesses to have experienced a 30 per cent or more decline in revenue has been shortened from six to four weeks.
For the Level 2 Small Business Hardship Grant Program, the period for small businesses to have experienced a 50 per cent or more decline in revenue has been reduced from four to two weeks.
The decline in revenue is for any consecutive period between January 1, 2022, and April 30, 2022, compared to an equivalent period in 2021.
An alternative period in 2021 may be used if the business did not operate at that time or it provides an inaccurate representation of the business’ financial situation.
Applications for the Small Business Rental Relief Package will open on Thursday March 10, while applications for the Small Business Hardship Grant Program will open on Thursday March 17.
This means small to medium businesses most impacted by the Level 2 public health measures, including the 150 cap on patrons, will be able to apply on the day they would be eligible for assistance.
Visit the Small Business Development Corporation website (external) for more information.