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Further to our brief note yesterday (which can be found here) regarding the extension of the NSW COVID Regulation to 28 March 2021, we now summarise the key changes implemented through the Third NSW COVID Regulation.
The Third NSW COVID Regulation repeals the NSW COVID Regulation and Second NSW COVID Regulation.
The NSW Small Business Commission has confirmed, in line with the Minister for Finance and Small Business’ media release dated 18 December 2020, that the intention is that from 1 January 2021 the protection of the extended prescribed period applies for the benefit only of retail tenants who meet the eligibility requirements.
The Retail and Other Commercial Leases (COVID-19) Regulation (No 3) 2020 was announced 18 December 2020 and commences on 1 January 2021. This Regulation extends the prescribed period so that it now ends 28 March 2021.
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