$400 Million in new Business Support Announced

The Victorian Government has announced a new $400 million package, jointly funded by the Commonwealth Government – welcome news for businesses and individuals that are feeling the all-too-familiar hardship from the detrimental Delta strain and latest lockdowns.

Additional, automatic payments to businesses that already qualify for existing grants are on the cards in this latest update, as well as further hardship funds made available for businesses who do not already qualify.

Five key elements feature in the support package:

• More than 90,000 businesses (including sole traders) will be paid a Business Costs Assistance Program Round Three grant of $2,800. No action is needed here – eligible businesses are those who have successfully received a grant from the Business Costs Assistance Program Round Two program and the payment will be processed automatically in August 2021.
• For businesses not already eligible for existing support grants – if a 70% reduction in turnover can be identified, grants of up to $8,000 will be paid from an additional $54 million added to the Small Business COVID Hardship Fund. Information on how to apply will be updated shortly on the Business Victoria website.
• New payments of $5,000 to $20,000 will be made to more than 8,900 hospitality venues that received support through 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 and $20,000 under an extension of the Alpine Resort Winter Support Program.
• 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.

For further information on these programs and other funding streams, please visit the Business Victoria website or contact your Morrows BizTax Advisor.