The Victorian Government announced this week that they are investing $3 billion to help businesses impacted by ongoing restrictions – and to support them as they prepare for ‘COVID Normal’ business. The Business Survival and Adaptation Package aims to help businesses survive and keep Victorians in jobs.
The $3 billion is comprised of cash grants, tax relief and cashflow support.
After reading all the info below, if you need help figuring out your eligibility or making an application for financial support, please get in touch ASAP: guru@propelleradvisory.com.au or (03) 9110 2030.
| Business Support |
| Small and medium sized business ($822 million): The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million. Grant applications open on Friday 18 September 2020. Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location. Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups. Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards. Sole Trader Support Fund ($100 million): Grants of up to $3,000 to over 30,000 eligible sole traders who operate from a commercial premises or location to which the sole operator is the tenant or licensee. |
| Business Adaptation |
| The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under COVID normal settings. $20 million voucher program to assist sole traders and small businesses in building their digital capability $15.7 million package to help Victorian exporters get their products to market and establish new trade channels. $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses. $87.5 million Outdoor Eating and Entertainment Package to support hospitality businesses prepare for COVID Normal reopening across Victoria. $100 million Melbourne City Recovery Fund between the Victorian Government and the City of Melbourne to support Melbourne on the roadmap for reopening to COVID Normal in the lead up to Christmas and during summer. |
| Waivers and Deferrals |
| The Government is also providing $1.8 billion in tax and cashflow support. $1.7 billion to defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria $33 million to defer the planned increase in the landfill levy for six months $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred. $27 million in liquor license fee waivers for 2021 $6 million to waive Vacant Residential Land Tax for vacancies in 2020. |
