Cash Flow Boost Returns

Cash Flow Boost Returns

Prime Minister Scott Morrison has announced that NSW businesses will receive up to $10,000 per week government support during the extended lockdown. This new economic support is modelled after the 2020 cash flow boost payment, this will be jointly funded between the Commonwealth and New South Wales.

The new measure will be available starting from next week and will continue as long as it is needed during the extended lockdown. Eligible businesses will receive a minimum of $1,500 and a maximum of $10,000 per week. It will be available to non-employing and employing entities in NSW, including not-for-profits, with an annual turnover between $75,000 and $50 million. Eligible entities are those whose turnover is 30% lower compared to the equivalent two-week period in 2019.

The payment rate will be based on 40% of their NSW payroll payments. However, eligible sole traders and other non-employing businesses will also receive a maximum of $1,000 per week. Entities are required to maintain their current staffing levels as of 13 July to receive payment.

 

For more information, please contact us.

 

Yan (Jenny) Qi CA

Founder of Progress CA Pty Ltd

Tel. no. 0403 050 779

Email: info@progressca.com.au

Website: www.progressca.com.au