03 Aug 2020 COVID-19 Small Business Grant for Marketing
Many small business owners already know what it means to run a tight ship. Refining where to spend and where to save is a widely-shared balancing act. Owning a small business entails a level of unpredictable risk, even for the most meticulous owner. It’s a part of business.
However, the COVID-19 pandemic has demonstrated the depth of these unforeseeable risks. There’s no denying that the coronavirus crisis has been one of the biggest shake-ups for businesses in living memory. And when gazing into the future, the extent of the economic aftermath is still largely unknown.
Thankfully, the “we’re in this together” mantra is ringing true when it comes to Government support for small businesses. Small businesses account for a massive 35% of all value generated in Australia, so there’s little wonder why the Australian government is stepping up and offering a range of financial support. One such grant is the NSW state Small Business Recovery Grant, which offers up to $3000.
What is the Small Business Recovery Grant?
The NSW restrictions on trading are starting to ease, and you may be eligible for this grant to help your business up-scale operations once again.
The grant serves the purpose of covering the costs of safely resuming and rebuilding business. One such eligible expense is marketing, communications and advertising costs.
Eligible businesses and not-for-profits can apply for a one-off grant of between $500 to $3000.
As such, you could have a new budget to put towards strategically generating new leads, nurturing your customers, and generating new clients. What better way to invest a grant for continued return?
Could I be eligible?
To be eligible, you must as of 1 March 2020:
- Be a small business or not-for-profit organisation based in NSW, as defined in the Australian Government’s guidelines
- Have an ABN registered in NSW
- Be one of the recognised highly impacted industries as outlined by Service NSW
- Have a turnover of greater than $75,000 per annum, as proved by your Business Activity Statement.
- Employ less than 20 full-time equivalent staff
- Report a payroll below the NSW 2019-2020 payroll tax threshold of $900,000
- Be highly impacted by the COVID-19 restrictions 2020
- Have experienced a minimum of 30% decline in turnover during the period from March to July 2020, compared to the equivalent period (of at least 2 weeks) in 2019
- Have costs associated with safely reopening or up-scaling your business from 1 July 2020
For more information, visit the NSW Government’s grants and loans page.
How can I apply?
You can apply online via Service NSW. Applications close 11:59pm Sunday 16 August 2020.
To apply, you’ll need the following:
- A MyServiceNSW Account. Don’t have one already? You can create one online
- Two Proof of identity documents
- Your ABN/ACN number
- Your business banking details for payment
- Your latest Business Activity Statement
- A declaration that you meet the eligibility criteria, including at least a 30% decline in turnover from March to July 2020 compared to the equivalent period (of at least 2 weeks) in 2019
When auditing your business and determining your eligibility, Service NSW can request the following:
- Prior BAS statements
- Income tax declaration
- Profit and loss statements
- Extractions from accounting software
- Receipts and invoices from purchases
Apply for the grant, and get going!
The COVID-19 pandemic has imposed global challenges which have reshaped what it means to be in business at this time.
Fittingly, it’s a time to be creative, be strategic and be resourceful. The Small Business Recovery Grant presents the perfect opportunity to invest in a better tomorrow and get back on track. With advertising and digital marketing recognised as one of the most relevant ways to do so, we look forward to seeing the vibrant new campaigns from the small business community.
If you have questions or would like some assistance with marketing your business online, please get in touch.