Everything You Need To Know About NSW Financial Support For COVID Lockdown, Including Disaster Payments and JobSaver
NSW’s COVID-19 lockdown will last at least another four weeks, prompting state and federal governments to announce more financial lifelines for businesses and individuals.
The new measures will cost around $ 750 million per week and are designed to keep residents of Greater Sydney and surrounding areas afloat amid a crippling outbreak of COVID-19.
The changes affect existing JobSaver plans, which are aimed at businesses, and COVID-19 disaster payments, which are aimed at individuals.
Here’s what you need to know.
What about individuals?
People in Greater Sydney and surrounding areas who have had their working hours reduced due to the lockdown will also be online for additional payments.
Those who have lost more than 20 hours of work per week are already eligible for the federal government’s COVID-19 disaster payment, valued at $ 600 per week.
This amount will be increased by $ 150 per week.
People who lost less than 20 hours of work per week were eligible for $ 300 per week as part of the COVID-19 disaster payment.
This amount will be increased by $ 75 per week.
Prime Minister Scott Morrison said the process is now streamlined compared to the early days of the pandemic, which saw long lines at Centrelinks across the country.
âIn this case, we just took action and got them the payments, in some cases within half an hour of asking,â he said.
Which companies are eligible?
JobSaver, the program that provides weekly payments to businesses suffering from the foreclosure, will be expanded.
The threshold for eligible businesses will drop from those with annual sales of $ 50 million to $ 250 million.
NSW Treasurer Dominic Perrottet said it would double the number of eligible businesses to 460,000 and help around 3 million employees.
Businesses with revenues between $ 75,000 and $ 250 million per year can request the payments.
Companies that have seen their revenues fall by at least 30% during the current lockdown compared to the same period in 2019, are eligible for JobSaver.
Mr. Perrottet said a key element of the payment would be staff retention.
“We have made it clear that companies cannot downsize. We want to make sure workers stay connected to their companies as we go through this period of lockdown,” he said.
Financial support for businesses affected by the lockdown was first announced on June 29, and this program was later renamed JobSaver.
The amount a business is entitled to is based on the size of its weekly payroll and annual turnover – basically, businesses with more staff will receive more money.
Payments can be as low as $ 1,500 per week and have been capped at $ 10,000 per week.
However, today it was announced that the cap would be increased to $ 100,000 per week.
Changes to JobSaver are backdated to the start of this week.
Independent traders who can prove that their sales have decreased by 30% since 2019, will be eligible to receive a weekly payment of $ 1,000, backdated to July 18.
What about social benefit recipients?
People who are already receiving Commonwealth income assistance, such as a youth allowance or caregiver payment, have the right to claim the payment in the event of a COVID-19 disaster.
Starting next week, they will receive a top-up of $ 200 per week, on top of their existing benefits, if they have lost more than eight hours of work.
How long will it last?
JobSaver’s schedule is the next four weeks of lockdown in Greater Sydney, but an extension has not been ruled out.
âWe understand how difficult it is for businesses right now, and we are also prioritizing money as quickly as possible,â said Perrottet.
While the payments will help keep the state afloat, it is not a long-term solution, according to the prime minister.
âI hope it will be weeks,â he said.
“Restrictions are costing the economy, that’s true. But an epidemic that gets out of hand also costs the economy. So these are the tough issues we need to weigh and resolve.”
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