Xero has recently released a new eligibility calculator to help small businesses apply for government support packages following the omicron covid outbreak.
The update comes as the NSW, South Australian, Tasmanian and ACT governments have all recently announced various support packages to assist small businesses in their given jurisdiction.
The calculator includes the change in turnover between the selected periods and assesses the qualification for available government grants.
Xero noted that demonstrating the required revenue decline to qualify for support can be a challenge with the tool designed to make it easier for small businesses and advisers to calculate their eligibility for the state support packages.
“The announcement of financial support for small and medium sized businesses by state governments is welcome news to the thousands of business owners who have been doing it tough. There’s no doubt the Australian small business community has faced incredible challenges due to the Covid-19 pandemic, and it continues to be hampered by the uncertainty of this current outbreak,” says Joseph Lyons, the managing director, Xero, Australia and Asia
Joseph Lyons, contended the high levels of uncertainty not only impacts a business, but the business owner’s personal life, with Xero’s recent Small business trends report revealing 60 percent of small-business owners are worried about their personal household finances running low.
“This support will not only give a much-needed boost to small businesses, but hopefully allow them increased confidence to invest in their business and employees – and set them up for a successful 2022,” continued Joseph Lyons, the managing director, Xero, Australia and Asia.
NSW Government Announces $1 Billion Support Package to Help Businesses Impacted by Omicron
As businesses across the country struggle to cope with the current wave of Omicron cases, the NSW government has announced a $1 billion support package to help the state fast track its economic recovery from the latest outbreak.
The support packages aim is to target businesses that currently have a turnover that’s less than $50 million and a 40 percent decline in turnover during the month of January 2022. The package will also provide support to assist businesses with purchasing rapid antigen tests.
The NSW Government will also provide $80 million to support the performing arts sector which has suffered significantly during the course of the pandemic.
Applications for the support package will open in mid-February and business that are eligible for the funding will be given a payment of 20 percent of their weekly payroll, up to $5,000 each week.
NSW Treasurer Matt Kean outlined that the past few months had been difficult for small businesses across the state but said the “comprehensive business package” would help them get “through to the other side”.
Mr. Kean also spoke about his disappointment in the lack of financial assistance provided by the federal government to help businesses during the current covid-19 omicron wave.
“I was hoping to make this announcement standing beside the Prime Minister today and the Treasurer Josh Frydenberg, but they’re not to be found. These are not just New South Wales businesses, they’re Australian businesses, Australians that pay their taxes to the Commonwealth government. So what we want to see is rather than the Commonwealth government stepping aside we want to see the Commonwealth government stepping in,” says NSW Treasurer Matt Kean.
Mr. Kean continued to outline that the money from the support package would be directed to “those parts of the economy that are really struggling”.
“Those businesses that ply their trade through face-to-face trading, things like hairdressers, nail salons, the tourist industry and also hospitality and bricks and mortar retail, “says Matt Kean.