As you are aware, the NSW’s COVID-19 lockdown has been extended for another four weeks, prompting the state and federal governments to announce more financial lifelines for businesses and individuals.
FOR INDIVIDUALS
If an individual has had their work hours reduced because of the lockdown they will be in line to get additional payments.
Those who have lost more than 20 hours of work per week are already eligible for the federal government’s COVID-19 disaster payment, worth $600 per week.
That will be increased by $150 per week.
People who have lost less than 20 hours of work per week were eligible for $300 per week under the COVID-19 disaster payment.
This will be increased by $75 per week.
FOR BUSINESSES
JobSaver, the program which provides weekly payments for businesses suffering amid the lockdown, will be expanded.
The threshold for eligible businesses will lift from those that have an annual turnover of $50 million, to $250 million.
Businesses that turn over anywhere between $75,000 to $250 million per annum can apply for the payments.
Businesses that have seen their revenue drop by at least 30 per cent in the current lockdown compared to the same period in 2019, are eligible for JobSaver.
The amount a business is eligible for is based on the size of its weekly payroll, and its annual turnover — basically, businesses with more staff will receive more money.
The payments can be as little as $1,500 a week, and had been capped at $10,000 per week.
However, Yesterday , it was announced that the cap would be increased to $100,000 per week.
Sole traders who can prove their turnover has reduced by 30 per cent since 2019, will be eligible to receive a weekly $1,000 payment, backdated to July 18.
The timeline for JobSaver is the next four weeks of Greater Sydney’s lockdown, but an extension has not been ruled out.
The Pherrus Financial Services team can assist with your eligibility.
If you require immediate support, please contact our team to see if we can help.