It’s a tough time to be a small business owner. To help, the Victorian Government has launched a $500 million Business Support Fund to help small businesses survive the impacts of the coronavirus (COVID-19) pandemic and keep people in work. This is part of a $1.7 billion Economic Survival Package.
If your small businesses is impacted by COVID-19 you can apply for a one-off grant of $10,000 if you:
- Employ staff
- Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date. For more information on affected sectors refer to this link. (If your business is not on the list of affected businesses, you can still apply if you meet all the other eligibility criteria and consider that the shutdown restrictions have highly impacted on your business. Your application will be assessed against the guidelines.)
- Have a turnover of more than $75,000
- Have payroll of less than $650,000. (The fund is targeted at small businesses that may not be eligible for 2019-20 refunds and waiving of payroll tax, which applies to businesses with wages bills of $650,000 or above.)
- Hold an Australian Business Number (ABN) and have held that ABN at 16 March 2020 (date of the State of Emergency declaration)
- Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020.
Further eligibility criteria and information on how to apply can be found at: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-fund
If you’re eligible, we encourage you to to apply early in order to maximise your chances of securing a grant. Applications open on Monday 30 March 2020 and close on Monday 1 June 2020.