The Victorian State Government has announced a Business Resilience Package which includes several initiatives and a third round of Business Support Fund Grants. The Initiatives are designed to provide relief measures for businesses through continued lockdown restrictions and to help prepare for COVID normal business.
As part of the new Business Resilience Package, grants are also available for Sole Traders, licensed hospitality businesses, Alpine businesses and Business Chambers & Trader Groups. Download here for more information.
Business Support Fund round 3 – $10,000 to $20,000 GRANTS
The Government announced that impacted employing businesses in an eligible industry sector can access further financial support in the way of a grant ranging from $10,000 to $20,000 depending on the business’ annual payroll.
To be eligible for a grant, businesses must satisfy all the Standard Eligibility Criteria:
- Operate a business located within Victoria
- Be registered per the business ABN as operating in an eligible industry sector that has an industry restriction level of: Restricted, Heavily restricted or Closed – Download the full list of eligible sectors
- Be a participant in the Commonwealth Government’s JobKeeper Payment scheme
- Employ people and be registered with WorkSafe
- Have an annual payroll of less than $10 million in 2019-20 on an ungrouped basis
- Be registered for Goods and Services Tax (GST) on 13 September 2020
- Hold an Australian Business Number (ABN) and have held that ABN at 13 September 2020
- Be registered with the responsible Federal or State regulator (ASIC or CAV)
There are 3 tiers for the amount of the grant, 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 and $10 million
Grant applications opened Friday 18 September and will close once funds are exhausted or 23 November 2020.
For more information on the assistance available click here – https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package
If you believe you meet the criteria we can apply on your behalf or alternately you can apply for the funding directly online via the business.vic.gov.au website.
Please don’t hesitate to contact us at the Sphere Group if you have any questions or would like assistance and one of our team can work with you in assessing your eligibility and applying for the Government COVID-19 support packages available to your business.