MARKET WATCH: Rent Relief for NSW SMEs

Misuse of marketing funds by Retail Food Group.

Rent Relief for NSW SMEs

 

NSW has extended relief for small businesses affected by the latest wave of Omicron (COVID-19).

The Retail and Other Commercial Leases (COVID-19) Regulation 2021 rent relief provisions will continue for eligible businesses with a turnover of less than $5 million, through 13 March 2022.

The relief program requires landlords to offer rental reductions that match the decline in turnover of their eligible tenants. At least 50 per cent of the reduced rent must be offered in the form of a waiver, while the remaining amount can be deferred.

Eligible landlords can access the Commercial Landlord Hardship Fund, which currently 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.

Treasurer Matt Kean hopes this relief will allow SME’s across the state to “keep the lights on now and recover more quickly.”

For more information on rent relief, see Commercial leases and COVID-19 FAQs

If you have any questions or concerns, please contact Baybridge Lawyers.

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