03:03The federal government announced new financial assistance packages for NSW. These include up to $100,000 per week for larger companies.Today's press conference highlighted that the federal government will co-finance an extension of the Covid-19 Business Assistance Payment in NSW up to 2 August, while Greater Sydney remains in lockdown.The expanded payment will allow eligible entities (including not-for-profits) to receive payments between $1,500- $100,000 per week depending on their payroll. The maximum turnover threshold was increased from $50million to $250m. Scott Morrison, the prime minister, stated that the funding would be distributed to businesses in order to ensure their viability to help drive the recovery.You can get more help for workers who have lost their income, or businesses that are in trouble.Josh Frydenberg (treasurer) stated that the payment could be used to benefit as many as 1,900 additional businesses with around 300,000.The NSW Covid-19 Business Payment expansion is consistent with our approach to providing temporary, targeted and proportionate economic assistance throughout the pandemic.Businesses that have experienced a decline of 30% or more in their turnover will receive 40% as a payment. The condition is that businesses keep their permanent and long-term casual employees.Businesses cannot terminate employees by taking active measures.The weekly payment for sole traders and non-employing business will be $1,000.According to the government, the increased payment would be available for more than 400,000 employers in NSW who employ 3.3 million workers.Businesses will receive more support to pay for unavoidable expenses such as rent, maintenance and insurance.It will be redated back to July 18, when the program was first launched.Federal officials stated that workers who have lost time would still be eligible for disaster payments. For 812,000 claims, more than $411 million has been spent on disaster payments.
