Payments of up to $50,000 on offer to support struggling NT businesses

SMALL businesses in the Territory will be able to apply for up to $50,000 in government funding to help offset the economic pressures of the coronavirus crisis.

• Small Businesses Survival Fund to keep local businesses afloat
• More details of NT Government’s $50m business survival fund revealed

SMALL businesses in the Territory will be able to apply for up to $50,000 in government funding to help offset the economic pressures of the coronavirus crisis.

Chief Minister Michael Gunner has revealed the full details of the $50 million Small Business Survival Fund, which is expected to help more than 1000 Territory businesses struggling under the new virus restrictions.

It comes after Prime Minister Scott Morrison forced the mass closure of pubs, clubs and gyms to prevent the spread of coronavirus, a move which is expected to affect thousands of workers across the Territory.

Under the NT’s new survival fund, eligible businesses will be able to apply for two payments – an immediate survival payment between $2000 to $50,000 or a rapid adaptation payment between $1000 and $5000.

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The immediate survival payment will be an initial lump-sum payment for businesses which need help to offset immediate cost pressures and provide time to plan.

There will be $2000 available for sole traders, $5000 for businesses with two to five employees, $20,000 for businesses with six to 19 employees and $50,000 for businesses with more than 20 employees.

Business will need to provide a certified financial/payroll statement for identifying the number of employees pre-shutdown.

The rapid adaptation payment will be for eligible businesses to offset costs incurred in adapting their businesses to suit the new indoor gatherings restrictions.

There will be payments of up to $1000 for sole traders and up to $5000 for other eligible businesses.

Mr Gunner said the survival fund would be focused on helping businesses in the hospitality, tourism and entertainment sectors.

“My only focus right now is saving lives and saving jobs. I’ll do whatever it takes to protect Territorians,” he said.

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Applications for the new payments officially opened on Friday at 5pm.

To qualify, businesses will need to be operating in the NT, employ NT residents (sole traders included) and usually operate in one of the industry sectors affected by the social gathering restrictions announced this month.

Businesses can complete an application form online at business.nt.gov.au/recovery.