Victorian Business Support Round 3
The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. With many sectors to remain closed or heavily restricted under the ‘roadmap for reopening’ in metropolitan Melbourne and regional Victoria, the program is designed to help businesses in these sectors survive the extended period of restricted trading.
The $3 billion package includes $1.1 billion in cash grants for small and medium-sized businesses most affected by coronavirus restrictions including $822 million as part of the third round of the Business Support Fund.
The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must:
- operate a business located within Victoria; and
- participate in the Commonwealth Government’s JobKeeper Payment scheme; and
- employ people and be registered with WorkSafe; and
- have had an annual payroll of less than $10 million in 2019-20; and
- be registered for Goods and Services Tax (GST); and
- hold an Australian Business Number (ABN); and
- be registered with the responsible Federal or State regulator.
An eligible business will receive:
- $10,000 if its annual payroll is less than $650,000
- $15,000 if its annual payroll is between $650,000 and $3 million
- $20,000 if its payroll is between $3 million and $10 million.
A full list of the eligibility criteria for a grant will be published when applications open, to be notified of this subscribe to the Business Victoria Update newsletter. Read more about the announcements here.
Further to the Business Support Fund, to support the hospitality industry, the Government will establish a $251 million dedicated Licensed Venue Fund, with grants between $10,000 and $30,000 for licensed venues of all sizes. Further relief will come by waiving liquor license fees for 2021.
In addition, the payroll tax deferral will be extended for the entire 2020-2021 financial year for businesses with payrolls of up to $10 million. The 50 per cent stamp duty discount for commercial and industrial properties will be brought forward to 2021 and the Residential Land Tax will be waived for vacant properties in 2020. The Government will also partner with local business groups and chambers of commerce, providing grants of up to $20,000 so they can help members adapt when the state reaches “COVID normal”.
Please contact our team if you have questions about how these measures can be applied to your business, we are here to support you and help you manage the financial impacts of ongoing restrictions.