Support For Small Businesses From The Government

Support For Small Businesses From The Government – After more enthusiastic support from legislators, details of four small business grant funds from the new County Legislature have been released.

Subject to budget approval across Congress on Friday, February 19, 2021, the four grant schemes are:

Support For Small Businesses From The Government

At a meeting of the Council’s Environment and Economic Scrutiny Committee, members proposed £12 million in support for small business innovation and their quick response to the latest lockdowns which are putting further pressure on local businesses.

Small Business Saturday

“We have been giving advice and guidance to businesses through these times and helping them to access state subsidies.

But because many small businesses have exhausted their cash reserves and are not eligible for government support, we have gone above and beyond and provided direct support.

“These grant schemes have been put together quickly and carefully to ensure targeted support where help is most needed.

“I am pleased that council members today recognized that the council has achieved this because of our financial stewardship.

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“We envy many other parts of the country where such behavior is not possible.”

“The County Council recognizes the pain and frustration that so many business owners have experienced since the onset of Covid-19.

“They are providing vital targeted support to help accelerate growth and digitalisation, not only to help those who need immediate support, but also to help the region overcome the crisis this. to help businesses, workers and those hardest hit by the wave of Omicron performing arts across NSW It’s a timetable.

The package includes financial support for small businesses to purchase a rapid antigen test (RAT) to ensure the safety of workers and new small and medium-sized businesses to help businesses keep their staff employed .

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Premier Dominic Perrotet said the number of cases is now down but the NSW government is determined to help the businesses most affected by this wave of the pandemic.

“As part of the package, we are introducing a small business support program to support businesses that have experienced the worst effects of the Omicron wave,” Perrottet said.

“We are also helping businesses reimburse the cost of rapid antigen testing for employees, extending the Commercial Landlord Hardship Grant, and providing additional funding to the performing arts sector.

“This targeted package will support businesses experiencing cash flow problems and the direct economic impact of the Omicron revolution.

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“NSW is doing better than expected, confidence is returning and, as we have done in previous recoveries, we will overcome this recent challenge stronger than ever.

The Deputy Premier and Minister of Regional Affairs of New South Wales, Paul Toole, said that the aid package was aimed at the businesses that need it most in the state’s response to the Omicron wave of the pandemic.

“Our region is feeling the impact of Omicron. It’s important that we do our best to revive and revitalize our local economy,” Toole said.

“This package shows that the New South Wales Government is continuing to support Bush residents and businesses by taking practical steps to keep workers safe and businesses running. .”

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Treasurer Matt Kean recognizes the challenges facing some businesses in NSW and getting the support they need to stay in business and keep their staff working he said that it is very important.

“We need to make sure our economies are resilient and our businesses supportive while we continue to protect the health and safety of our communities as we bounce back from this phase of the pandemic,” Keene said.

“The Small Business Assistance Program helps businesses with annual sales of $75,000 to $50 million and at least a 40% decline in sales by providing payments that cover up to 20% of their weekly wages .

“By ensuring that businesses keep their doors open and pay their workers, we are confident that the economy will recover as strongly as it did last year.”

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Small Business Minister Eleni Petinos said the program is essential to ensure small businesses have the resources and cash flow they need to survive and recover from the epidemic.

“The more than 800,000 small businesses in New South Wales are the lifeblood of our communities, and we know many of these businesses have faced challenges as a result of the Omicron wave of the pandemic,” Petinos said.

“This package will help reduce some of the costs for small businesses, including keeping workers safe, helping with cash flow, and helping small businesses stay in business.”

The Small Business Assistance Program pays eligible companies a lump sum of 20% of weekly wages, with a minimum of $500 per week and a maximum of $5,000 per week.

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In addition, small business taxes, fees, and RAT rebates will be increased by 50% from the current limit of $2,000 to $3,000, allowing employers to use rebates to earn RATs. This will reduce costs for small businesses and the availability of support workers by allowing healthy workers who have been exposed to COVID-19 but have tested negative to return to work.

O had gross annual revenue between $75,000 and $50 million, inclusive, for the year ending June 30, 2021; and

O Sales decreased by more than 40% in January 2022 due to public health orders or Omicron’s stock impact of COVID-19 compared to January 2021 or January 2020. When

O From February 1 to 14, 2022, the impact of the Omicron strain of COVID-19 reduced sales by more than 40% compared to the same two weeks in February of the comparison year used for the above criteria. When

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· Eligible companies will receive a lump sum of 20% of their monthly salary in February. The minimum is $750 per week and the maximum is $5,000. Non-employee companies receive $500 per week (paid as a lump sum of $2,000).

· Small Business Support Program 2022 is for February. Businesses will be able to apply through Services NSW from mid-February.

O The reimbursement increased from $2,000 to $3,000. In addition, eligible small business employers can use rebates to cover half of the cost of a rapid antigen test (RAT).

O This funding not only offsets the costs of the RAT, but also other government fees and charges such as food authority licences, liquor licences, merchant licences, event fees, outdoor seating fees, city ​​council, road user fees for business, etc. It can also be used to describe. .

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O Already registered businesses will automatically receive an additional $1,000 and newly registered businesses will receive a $3,000 rebate.

(Rule) Extended for an additional two months until March 13, 2022 for small retail and commercial tenants.

O Eligible landlords who have provided rent receipts to affected tenants are eligible for subsidies of up to $3,000 per month (including GST) per property. Abandoned rent relief must be at least half of the rent relief offered.

O This rule prohibits certain actions (such as lockouts and evictions) by landlords without renegotiating rents and attempting to mediate with eligible tenants.

Alternatives To Government Funding For Small Businesses

After being elected as member for Hornsby in March 2011, I started a number of initiatives that I and the community believe are of great importance to Hornsby. I pride myself on seeing and understanding the needs of my community and doing my part. Governments around the world are encouraging SME participation in government tenders. This can be done directly through procurement obligations and investments, indirectly through policies that encourage SMEs to participate in tenders, or by supporting measures to enable SMEs to compete in the process an offer. Greater involvement of SMEs in government procurement processes benefits not only SMEs, but governments and the economy as a whole. In India, policies to encourage SME participation in government procurement focus on Micro and Small Enterprises (MSEs). At the central government level, there are key ministries, departments and MSE procurement policies in the public sector. At the state level, government policies to expand the MSE provider base vary from state to state. This white paper presents international case studies promoting SME participation in government procurement, as well as enumerating best practices by Indian states in expanding the MSE supplier base. Finally, a list of 21 recommendations is provided for Indian states to design and modify their procurement policies. This white paper is the first in a series of four white papers focusing on state-level business reform in India.

SMEs account for 90% of all businesses and 50% of employment worldwide. In emerging markets, SMEs account for seven out of ten formal jobs. In this way, SMEs do more than just contribute to the economy. they are the economy. In India, SMEs are classified into Micro, Small and Small Enterprises.

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