As yet again, we are forced to navigate the challenges of another lockdown, with it comes the release of added funding from the Government with the promise of a broader scope of benefiting businesses.
The Victorian Government has announced a new package, jointly funded by the Commonwealth Government, that will provide automatic payments to almost 100,000 eligible businesses in Victoria, (including sole traders), with further hardship funds being made available to eligible businesses that did not qualify for existing programs. The additions to the support package are as follows:
More than 90,000 businesses will be automatically paid a Business Costs Assistance Program Round Three grant of $2,800.
New payments of $5,000 to $20,000 will be made to more than 8900 hospitality venues across Victoria that received funding support from the Licensed Hospitality Venue Fund through the May/June and July lockdowns. Payments will be automatic and graded by venue capacity.
Alpine businesses will receive between $5,000 (off-mountain) and $20,000 (employing businesses, on-mountain) under an extension of the Alpine Resorts Support Program.
Grants of up to $8,000 will be paid to small businesses that are not eligible for support under existing programs and have experienced a 70% reduction in turnover.
Eligible workers who lose hours due to the lockdown will be eligible for support through the Commonwealth’s COVID-19 Disaster Payment, as will businesses that do not qualify for Victorian Government support programs because they are not registered for GST.
More information about these payments will be available at Services Australia.
In addition to the above,the Victorian Government announced businesses that have experienced a loss in turnover of more than 30% during the pandemic are now guaranteed to receive rent reductions through the Commercial Tenancy Relief Scheme, while separate support will be provided to landlords.
To understand what your business is entitled to feel free to, reach out to your adviser, or alternatively, visit the Business Victoria website for further information.