What is the Small Business Survival Payment?
The Small Business Survival Payment is a program that has been established to provide businesses significantly impacted by the coronavirus with funding to help them survive, adapt and prepare for the economic rebound.
Much like the immediate survival payments offered earlier this year, one-off payments of between $2,000 and $20,000 will be offered to support those businesses that have experienced considerable reductions in turnover and need some support to get through the ongoing COVID 19 impacts and the traditionally low tourist season.
The payment amount depends on the size of the impacted workforce:
- $2,000 for sole traders with normal turnover of greater than $75,000
- $5,000 for businesses with two to five full time equivalent employees (FTEs)
- $10,000 for businesses with six to 19 employees (FTEs)
- $20,000 for businesses with more than 20 employees (FTEs)
The payment will be provided as one lump sum to help eligible businesses offset immediate cost pressures.
An Eligible Business:
- is a Territory Enterprise; and
- holds a valid Australian Business Number as at 1 October 2019; and
- was providing goods and/or services to the public wholly or substantially in the Northern Territory as at 1 October 2019; and
- is an actively trading private small business with an annual turnover of at least $75,000 and less than $10 million; and
- can demonstrate a minimum of 50% reduction in turnover experienced in October 2020 compared to October 2019; and
- can provide valid conclusive evidence of its employee numbers and financial situation.
Excluded Recipients are private and public schools, private and public educational institutions, government
agencies, government owned/ controlled bodies, not-for-profit organisations, statutory corporations, and local government bodies.
Territory Enterprise is a business that satisfies all of the following:
- operating in the Northern Territory – the enterprise is actively trading out of premises located in the Northern Territory; and
- has a significant permanent presence – the business maintains an office, manufacturing facilities or other permanent base within the Northern Territory; and
- employs Northern Territory residents.
Applications remain open until funds have been fully committed.