Small Business Survival Fund: $12m of $50m scheme released to more than 500 NT businesses so far

NEARLY $12 million in critical cash has flowed to small businesses from the NT Government’s survival fund, though a third of applications are yet to be assessed.

NEARLY $12 million in critical cash has flowed to small businesses from the NT Government’s survival fund, though a third of applications are yet to be assessed.

It comes as Chief Minister Michael Gunner flagged a future “rebound” package for business to adapt to the “new normal”.

Data provided to the NT News revealed the Department of Trade, Business and Innovation had received 1534 applications to access the $50 million Small Business Survival Fund since it opened in late March.

MORE CORONAVIRUS NEWS

Beloved Darwin restaurant shuts doors forever due to COVID-19 downturn

‘F**k me that’s my fault’: Gunner reveals inner demons during crisis

Gunner rejects calls to bring back cracker night

Chief Minister Michael Gunner addresses the media with an update on his government’s Roadmap to the New Normal. Picture: Che Chorley

Of those, 1089 applications had been assessed and 532 businesses had received payments totalling $11.9 million.

The Small Business Survival Fund has been split into three parts; an initial $20 million slice to fund “immediate survival” or “rapid adaptation grants’’, followed by a second $20 million slice that was designed to “plug gaps” in the Federal Government’s $130 billion JobKeeper package.

It allowed eligible businesses to access fortnightly payments for a maximum of eight weeks to help cover regular costs like rent and utilities, make invoice payments or pay workers not covered by JobKeeper, including casuals and temporary visa holders.

It is understood the 532 NT businesses that have received funding so far reported employing the equivalent of 3800 full-time staff prior to the pandemic.

Chief Minister Michael Gunner yesterday said the government, using the advice of peak hospitality and tourism bodies, would soon release the third part of the Small Business Survival Fund, expected to be worth $10 million.

“The rebound adaptation side of that grant program, which is how businesses prepare for what the new normal is going to be like,” he said.

The NT Government expects the Small Business Survival Fund to save about 10,000 Territory jobs.

Full access to our journalism – just $1 for the first 28 days

More than 11,000 jobs have been lost in the NT since strict coronavirus lockdown measures were imposed and that is expected to nearly double to an estimated 21,400 jobs by the end of June.