Business update: Jobs Rescue and Recovery plan
An update for businesses on the support available due to the coronavirus (COVID-19) crisis.
Small Business Survival Fund - new payments now available
Eligible businesses can now access two new payments from the Small Business Survival Fund (SBSF) to help cover their operational costs.
The new payments include:
- an operational boost payment of between $2,800 and $42,000 to provide to help offset the cost of continuing to maintain the business
- an operational support payment businesses with an annual turnover greater than $75,000. Businesses who have received previous SBSF payments will be able to supply additional information on a fortnightly basis to enable the operational support payment.
These two new payments build on the existing immediate survival payment and rapid adaption payment. Funding is fully flexible and businesses can use payments on whatever aspect of their business needs support.
Businesses that have already applied for the fund payment do not need to apply again. The original application SBSF form will be used to determine eligibility for these two new payments. If there are changes to the number of FTE, the employee's fortnightly payments will be adjusted up or down accordingly.
More information about the Small Business Survival Fund can be found on the Business Recovery website.
Business Hardship Package
From 1 May 2020, Territory businesses can apply to be listed on a central business hardship register*. This registration will enable businesses to apply for:
- payroll tax waiver or deferral
- reduction on utilities bills
- rate reduction where offered
- business rent reductions (in line with the national code of conduct)
- other relief from time-to-time.
This package will apply for six months from 1 April to 30 September 2020.
Details on how the register will operate will be released early next week.
* Businesses with less than $50 million turnover who have experienced a reduction of turnover of more than 30%.
Home Improvement Scheme
The Home Improvement Scheme (HIS) has been strongly embraced by Territorians and we have had an overwhelming response to the program with around 20,000 applications received.
The Northern Territory Government extended funding for HIS from $30 million to $100 million to ensure as many Territorians as possible can benefit from the program.
With the increase in the number of applications accepted, the increase in budget to match, and the increased time available for tradies to complete the work, the pipeline of work will be spread over the next 12 months.
The Jobs Rescue and Recovery team aim to process around 600 to 800 applications each week with all 20,000 applications assessed over the next six months.
Reminder, works must not commence until your application has been approved and a voucher issued by the Department of Trade, Business and Innovation.
Business Improvement and Immediate Work grants update
Funding for the Immediate Work Grants is fully committed and applications are now closed. No further applications will be accepted.
The Business Improvement Grants will also close when funding is expended, no extensions or additional funding will be made to the program.
Changes to planning rules and approvals
Some regulations associated with the planning approval process have been temporarily suspended for works undertaken in association with the Jobs Rescue and Recovery plan.
Planning rules have been temporarily lifted removing the need to lodge an application under the Planning Act 1999 before seeking a building permit to start construction on projects related to the Home Improvement Scheme, Business Improvement Grants and Immediate Work Grants.
This means works can start as soon as the application has been approved and voucher issued by the Department of Trade, Business and Innovation.
For more information go to the Northern Territory Government website.