NSW Covid: What the financial support package means for you amid lockdown

A multi-billion dollar rescue package has been launched amid Sydney’s lockdown to save thousands of businesses and jobs. Here’s what it means for you.

A multi-billion dollar rescue package to save thousands of businesses and jobs as the state enters an extended lockdown was announced on Tuesday.

Prime Minister Scott Morrison revealed the package alongside Premier Gladys ­Berejiklian and Treasurer ­Dominic Perrottet, confirming at least $5.1 billion of support.

Here’s what the support package means for you:

FOR WORKERS AND INDIVIDUALS

• Sydney workers will get $600 per week from the federal government if they have lost 20 or more hours of work each week, and $375 if they have lost between eight and 20 hours of work a week.
• Workers statewide will get the same payments for losing work as available to people in Sydney, but this will be paid by the state government.
• Renters who lose a quarter of their income will be protected from eviction for 60 days.
• Residential landlords who don’t pay land tax will be reimbursed if they cut rent for their tenants, up to $1,500.
• There’ll be $12 million in support for those sleeping rough.
• Close contacts ordered into 14 days of isolation will get 24/7 health and wellbeing support for the duration of their stay in quarantine, and there’ll be a boost to headspace outreach as part of a $17 million mental health package.
• Mental health support networks in multicultural communities will get $3 million extra.
• Other mental health services will also get a budget boost.

FOR BUSINESS:

• Businesses with annual turnover between $75,000 and $10 million will receive weekly payments amounting to 40 per cent of their payroll if they have suffered a 30 per cent drop in turnover compared to an equivalent two week period in 2019. Payments are set at a minimum of $1500 and maximum of $10,000 per week.
• To get the cash, a business must maintain staffing levels at what they were on July 13.
• Non-employing businesses like sole traders will get $1,000 per week.
• Businesses with wage bills below $10 million will be able to claim grants from between $7,5000 and $15,000 to cover the first three weeks of the lockdown.
• All payroll tax will be deferred for two months. Businesses with payrolls up to $10 million who have experienced a 30 per cent decline in turnover will have payroll tax scrapped for the first quarter of the year.
• “Micro businesses” with a turnover of between $30,000 and $75,000 who have seen a 30 per cent turnover loss will get $1,500 a fortnight, backdated to the start of the lockdown.

FOR LANDLORDS

• Commercial, retail, and residential landlords will get land tax cuts equal to the value of rent reductions for tenants.
• Residential landlords who aren’t liable to pay land tax will get up to $1,500 if they reduce rent for tenants.