Small businesses that are continuing to face challenges due to COVID-19 will benefit from an additional two months of rent relief, with the NSW Government extending its rent relief regulation until March 13.
Treasurer Matt Kean said it was a difficult time for many businesses and this extension will provide much-needed support for small commercial and retail tenants to keep their doors open over the coming weeks and months.
“Small business is the engine room of our economy and we need to make sure we support impacted businesses through this latest Omicron wave,” Mr Kean said.
“With staff shortages and reduced foot traffic, many businesses are struggling at the moment but the ability to negotiate rent will give them a buffer so they can keep the lights on now and recover more quickly.”
“We appreciate and acknowledge the constructive approach of commercial owners in working together with their tenants in these very challenging circumstances.”
Minister for Small Business Eleni Petinos said eligibility for rent relief would remain unchanged.
“We know that rent is one of the biggest fixed costs for small businesses and this measure will provide crucial support helping them get through the next couple of months,” Ms Petinos said.
Commercial and retail tenants will be eligible for the rent relief if they have an annual turnover of less than $5 million and continue to meet the eligibility criteria for JobSaver or the Micro-business Grant, had those programs continued.
Landlords of tenants that have received protections for any period under the Retail and Other Commercial Leases (COVID-19) Regulation 2022 are prohibited from evicting their tenants for certain breaches of the lease, without first attending mediation.
NSW landowners will also have more time now to apply for land tax relief, with applications extended until 28 February for eligible commercial and residential landowners.
Eligible landlords can access the Commercial Landlord Hardship Fund, which provides small commercial or retail landlords with a monthly grant up to the value of any rental relief provided, to a maximum of $3,000 per month per property.
To find out more about land tax relief: https://www.service.nsw.gov.au/transaction/apply-covid-19-land-tax-relief
To find out more about the Commercial Landlord Hardship Fund: https://www.service.nsw.gov.au/commercial-landlord-hardship-fund-guidelines
For more on the rent relief extension, go to: