Business Support Fund Expansion – What You Need to Know

A $534 million addition will expand on the State Government’s Business Support Fund, offering much needed relief to Victorian businesses. Reintroduced Stage 3 restrictions have thrown any semblance of economic recovery to the wind, resulting in many businesses becoming more concerned about their futures. All grants are welcome news. Applicants to the $5,000 Business Support Fund Expansion Grant are subject to revised criteria.

Is Your Business Eligible for the New $5,000 Grant?

The Victorian State Government’s original Business Support Fund has been expanded in response to the recent Stage 3 ‘Stay at Home’ restrictions, which were implemented on July 8. As concern grows around the rising number of Victorian COVID-19 cases, a return to a more stringent lockdown guarantees further economic peril.

Applications for the Business Support Fund Expansion are now open. This iteration of the measure offers applicants an additional $5,000 on top of the original $10,000 support grant.

Eligibility

Eligibility has been altered from the original package. Businesses with an annual payroll of less than $3 million can now apply. To be eligible for the fund, businesses must:

• Operate from an address in one of Metropolitan Melbourne’s 31 Local Government Areas or Mitchell Shire (pending the return to Stage 3 ‘Stay at Home’ restrictions);
• Participate in the JobKeeper Payment scheme;
• Be an employer and be registered with WorkSafe as of June 30, 2020;
• Have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis;
• Be registered for GST on June 30, 2020;
• Have an ABN and have held that same ABN at June 30, 2020; and
• Be registered with the responsible Federal or State regulator.

Please visit Business Victoria for the full details.

Application

When applying, businesses will need to provide the following information:

• JobKeeper 13-digit receipt number (found on your monthly declaration or original enrolment application)
• WorkCover employer number
• 2019-20 business turnover
• Number of employees
• Number of full-time equivalent employees (working 35+ hours per week)
• Month enrolled in JobKeeper
• Number of employees enrolled in JobKeeper
• Duration in weeks employees have been receiving JobKeeper
• Evidence of physical address of your eligible principle place of business
  • Utility bill
  • Lease agreement
  • Council rate notice
• Most recent JobKeeper monthly declaration

An additional $5,000 is welcome news for many businesses as we proceed through these murky waters. Uncertainty in the health and economy of our state and country is impeding business recovery – focus remains on survival.

CBD Business Support Fund

The Victorian Government is establishing a $20 million CBD Business Support Fund to help small business in Melbourne’s CBD faced with a large and sustained shock to their trading environments. Although no further information is available at this time, you can register your interest at Business Victoria.

We would like to remind the Morrows community that the end of July will present the last opportunity to enrol in the JobKeeper Payment scheme. If any of our eligible clients have not already done so, we would recommend they act on this as a matter of urgency. Whilst many of our clients will be able to attend to the Business Support Fund Expansion application process by themselves, we are happy to assist or undertake the process on your your behalf, please contact your advisor for more information.

As always, Morrows are here to support and guide you through these difficult times. If you would like to discuss any of the Business Support Fund Expansion or require assistance with your business’ application, please don’t hesitate to reach out to us.