The Jobs Rescue and Recovery plan’s Small Business Survival Fund is a $50 million initiative to help Territory small businesses survive the physical distancing requirements in response to the coronavirus (COVID-19) pandemic.
The fund has three goals:
1. Help local businesses survive through the partial or full shut-down period. For example, support in meeting unavoidable fixed costs.
2. Help local businesses adjust and adapt to take advantage of the new consumer environment. For example, expanding online services, takeaway and delivery.
3. Prepare local businesses to take advantage of the rebounding economy when the coronavirus (COVID-19) crisis is over. For example, upgrading premises or upskilling staff.
The fund will be administered by the Department of Trade, Business and Innovation. It is targeted at businesses that have a significant reduction in trade due to the shutdown and physical distancing provisions.
The fund was developed by an industry-led advisory board, chaired by respected Territory business leader Dick Guit.
The Small Business Survival Fund is available to eligible businesses in addition to other support, including the Jobs Rescue and Recovery Package and the Tourism Resilience Package.
Who can apply
This initiative is available to Northern Territory (NT) businesses that meet the following criteria:
– a legal entity and holder of a valid Australian business number (ABN) as at 23 March 2020, and
– a Territory enterprise, and
– usually operates in one of the industry sectors affected by the social gathering restrictions announced on 22 March 2020 and 24 March 2020, and / or
– has been significantly impacted by the physical distancing requirements in response to the coronavirus (COVID-19) pandemic – for example, staffing, turnover.