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WA businesses: Level 2 COVID-19 Business Assistance Package expanded
More WA businesses can now apply for support.
The Level 2 COVID-19 Business Assistance Package in Western Australia has expanded, to provide more help and support for small businesses.
The program provides financial support to businesses that experienced a significant decrease in turnover over any two-week period between 1 January and 30 April 2022.
The program is now open to even more Western Australians, with increased grant funding available. Local businesses that experienced a 40 per cent reduction in turnover, over a consecutive two week period, could now be eligible for a grant of up to $50,000 of financial assistance, depending on the size of the business and the number of employees.
Businesses that experienced a decline in turnover of 30 per cent in the same timeframe are now also eligible for financial support.
Payments based on the reduction in turnover and the number of Full Time Equivalent (FTE) employees of eligible businesses will be made in the following amounts:
Reduction in turnover of 30 per cent or more
Sole traders - $3,750
Micro businesses - $7,500
Small businesses - $15,000
Medium businesses - $37,500
Reduction in turnover of 40 per cent or more
Sole traders - $5,000
Micro businesses - $10,000
Small businesses - $20,000
Medium businesses - $50,000
Previous applicants
Previous program applicants do not need to reapply for the 40 per cent tier. Applications will be reassessed in line with the new decrease in turnover criteria and applicants notified if their eligibility status has changed. Successful applicants who already received a payment for the program and are now eligible for a higher payment will be automatically receive the additional funds to their nominated bank account.
To find out if you’re eligible and to apply, visit the Small Business Development Corporation’s website.
Contact TaxAssist Accountants
If you need any help or advice with the financial aspects of running your business, please contact us today on 1300 513 332 or complete our contact form. We’ll be glad to help.
Date published 28 Apr 2022 | Last updated 9 Jul 2022
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