Struggling NT businesses to share in $10m ‘rebound grants’ as government shuts Small Business Survival Fund to new applications
SMALL businesses in the NT struggling due to the coronavirus pandemic-induced economic recession will soon be handed critical government cash to help them rebound – but only if they are already registered for the larger survival scheme.
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SMALL businesses in the NT struggling due to the coronavirus pandemic-induced economic recession will soon be handed critical government cash to help them rebound – but only if they are already registered for the larger survival scheme.
The NT Government will today announce the third part of its $50 million Small Business Survival Fund (SBSF) – $10 million worth of Rebound Support Grants to help businesses “transition to the new normal”.
It comes as the Small Business Survival Fund, which has been open to registrations for eight weeks, will today shut to new applications.
A total of 1650 applications for the three-part SBSF have been received and the Department of Trade, Business and Innovation is understood to have assessed them all as of Wednesday last week.
The NT News can reveal $24 million worth of critical survival fund cash has flowed to businesses, double what had been released since May 8.
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The Small Business Survival Fund was split into three.
The first part was a $20 million slice to fund “immediate survival” or “rapid adaptation grants’’.
Next came a $20 million package designed to “plug gaps” in the Federal Government’s JobKeeper package, which was originally set to cost $130 billion and help 6.5 million Australian workers but has now been revised to $70 billion and 3.5 million workers after a clerical error was discovered.
The second part of the SBSF 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.
Businesses who applied for survival grants could also apply to go on a “hardship register”, which would trigger payroll tax relief and 50 per cent discounts on power and water bills. It is understood 800 businesses have applied to get on to this register and their applications are currently being assessed.
The third rebound grants part of the SBSF will provide businesses already registered with grants ranging from $1000 to $5000, depending on the number of full-time equivalent staff they had pre-pandemic shutdown.
Businesses on the hardship register can receive rebound grants of up to $10,000 if they contribute $10,000.
The money is expected to be used for making physical alterations to businesses, such as hospitality venues to help adhere to social distancing rules, help train staff, pay for COVID-19 safety signage, advertising, marketing and “strategic planning”.
The department will contact approved SBSF applicants and those on the hardship register to transition them on to the rebound support grants.
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“Our Jobs Rescue and Recovery Plan is all about keeping businesses open and Territorians working, so that the Territory can rebound strong when the crisis is over,” Chief Minister Michael Gunner said.
“By assisting Territory businesses to rebound, we are saving Territory jobs.
“This is an unprecedented crisis and all of us have to help carry the load.”
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