Sydney Times

BUSINESS Commercial Property NSW Economy NSW State News PROPERTY Small Business STATE POLITICS AND GOVERNMENT

SUPPORT FOR COMMERCIAL TENANTS AND LANDLORDS UNDER COVID FIGHTING FUND

Written by NSW Government

SUPPORT FOR COMMERCIAL TENANTS AND LANDLORDS UNDER COVID FIGHTING FUND

 

Eligible commercial tenants and landlords will receive greater support and certainty during the current restrictions with the NSW Government acting quickly to implement the Retail and Other Commercial Leases (COVID-19) Regulation 2021 as part of the $5.1 billion COVID-19 economic support package.

 

Commercial and retail landlords will be required to attempt mediation before taking certain actions, such as recovering a security bond, locking out or eviction against a tenant impacted by the Public Health Orders.

Minister for Finance and Small Business Damien Tudehope said this would provide certainty for businesses and landlords in this challenging time.

 

“One of the biggest issues right now for so many small businesses right across NSW is rent. This package says to landlords and tenants before you take any action, sit down, talk to each other and come to an agreement on what the next few weeks looks like,” Mr Tudehope said.

 

“It could be a payment plan, a reduction in rent, or an agreement not to take any action until restrictions end, but we all need to work together to ensure small businesses get through this lockdown and continue to create jobs, deliver vital services for local communities and power our economy forward.”

A $2 million boost to the NSW Small Business Commission will support additional staff to meet the demand for mediations and assist retail and commercial tenants and landlords.

 

“During the health pandemic we have seen applications for mediation increase with 2,600 applications received and approximately 90 per cent of the underlying issues resolved before or during formal mediation. The Commission is ensuring a cost-effective, timely and independent process for landlords and businesses to seek assistance on a way forward,” Mr Tudehope said.

 

As part of the $5.1 billion COVID-19 economic support package, commercial and retail landlords will also be eligible for payments of up to 100 per cent of their land tax owed in 2021, when they provide their tenants with at least that amount in rent reductions from July 13.

 

“Whether it’s direct grants, financial assistance to keep staff, payroll tax relief, or support for our vulnerable communities, our first priority is the health and safety of our local communities,” Mr Tudehope said.

 

“This package will help small businesses and landlords to work together to get through this challenging time.”

 

The Retail and Other Commercial Leases (COVID-19) Regulation 2021 can be found here: Retail and Other Commercial Leases (COVID-19) Regulation 2021 (nsw.gov.au)

 

For more information on mediation support and the Small Business Commission visit: https://www.smallbusiness.nsw.gov.au/

 

For more information on the $5.1 billion support package visit: https://www.nsw.gov.au/covid-19

About the author

NSW Government

Leave a Comment

error: Content is protected !!