The New South Wales Government has finally announced a much-anticipated Omicron support package, which will help businesses survive the impact of the Omicron wave.

The $1 billion support package targets businesses with a turnover of less than $50 million and a 40 per cent decline in January.

What does the Omicron support package involve?

The Omicron support package will supply businesses with a payment of 20% of weekly payroll costs if the business can prove a decline in turnover.

Eligible employing businesses will be able to receive a minimum payment of $750 a week, and a maximum of $5000 a week.

Non-employing businesses will receive $500 per week, which will be paid as a lump sum of $2000. The Small Business Support Program will be running for the month of February only.

Is my business eligible to receive the support package?

To be eligible to receive the support package, businesses must have:

• Had an aggregated annual turnover of between $75,000 and $50 million inclusive for the year that ended 30 June 2021, and
• Experienced a decline in turnover of 40 per cent or more due to Public Health Orders or the impacts of the Omicron COVID-19 strain during the month of January 2022, compared to January 2021, or January 2020.
• Maintained their employee headcount from the date of the announcement of the scheme.

When can I apply?

The 2022 Omicron small business support program is valid for the month of February. Businesses will be able to apply for the package through Service NSW from mid-February.