By Blake Scheffers and Tim Lyford from William Buck

The NSW Government has announced phasing out of its business support payments as vaccination rates in NSW reach the 70% and 80% targets and government restrictions are eased. These changes are set out below.

70% Double Vaccination Rate (16 years and older)

• JobSaver
  • Payments will reduce from 40% to 30% of weekly payroll
  • Minimum weekly payment will be $1,125
  • Maximum weekly payment will be $75,000, and
  • Weekly non-employing business payment amount will reduce to $750.

• Micro-business Grant
  • No changes

80% Double Vaccination Rate (16 years and older)

• JobSaver
  • Payments will reduce from 30% to 15% of weekly payroll
  • Minimum weekly payment will be $562.50
  • Maximum weekly payment will be $37,500, and
  • Weekly non-employing business payment amount will reduce to $375.

• Micro-business Grant
  • Fortnightly amount will half to $750

On 30 November

• Both JobSaver and the Micro-business grant programs end.

These payments will continue to be paid on a fortnightly cycle until 30 November. Reconfirming your eligibility, including that businesses continue to experience a 30% decline in turnover, will be required until the end of the program.

It’s expected that the NSW Government will announce its Economic Recovery Plan in October with the aim of boosting business confidence, jobs growth and injecting targeted stimulus as restrictions ease across NSW.

Contact your William Buck advisor for more information on the COVID-19 Support packages.

Related Article: COVID-19 Disaster Payment To Be Phased Out By Blake Scheffers