Local small and micro businesses impacted by the coronavirus stand to benefit from a much-needed $10,000 injection from the NSW Government, which has been welcomed by the Illawarra Business Chamber.
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The NSW Government's announcement today of a $750 million fund will provide grants of up to $10,000 to businesses with fewer than 20 employees that have impacted significantly by the public lockdown announced on Monday.
Executive Director of the Illawarra Business Chamber Adam Zarth said that the grants scheme targeted a significant gap in existing support, being the struggling sole trader and 'mum and dad' businesses with a couple of employees who are not large enough to benefit from Payroll Tax concessions announced previously.
Coronavirus update:
"We need to bring as many Illawarra businesses as possible through the lockdown period and beyond, and so for our smallest businesses doing it as tough as anyone, this cash boost will help prevent them falling through the cracks," Mr Zarth said.
"These grants will support the survival of these smaller businesses like local cafés, restaurants, corner shops, gyms and small accommodation providers whose cause the Illawarra Business Chamber has been championing since the start of the crisis.
"We were concerned that this important cohort of businesses were falling through the cracks and missing out on the various types of government support packages.
"This grant, together with the JobKeeper payment announced by the Prime Minister earlier this week, might be enough to keep their doors open and keep their staff in work.
"What is also vital is that these businesses will be permitted to use a portion of this grant to receive proper financial advice, because SMEs are struggling to make sense of all of the State and Federal Government support packages, and the business environment is rapidly changing.
"It's important that small businesses seek the advice of local accountants and lawyers who can advise on the specifics of their particular business, because professional services are also facing an uncertain future."
Mr Zarth said it was equally important to buy local and show the support of the community for their local shops because buying local was only way local business community could remain intact.
