More commercial tenants to benefit from the Commercial Tenancy Relief Scheme announced 25 August
The Victorian Government has approved further relief for commercial tenants struggling with rent payments under the Commercial Tenancy Relief Scheme.
The Scheme will help small and medium businesses with an annual turnover of less than $50 million that have experienced a loss in turnover of more than 30 per cent during the COVID-19 pandemic.
The Scheme is set to run until 15 January 2022.
To find out more about the Scheme and to keep up to date with the latest information head to the Victorian Small Business Commission website.
More support for Victorian businesses announced 12 August
The Victorian Government has announced a series of top-ups to funding schemes to help businesses get through another week of lockdown, following a $367 million jointly funded program with the Commonwealth Government.
Under the new scheme, businesses including sole traders will get an automatic payment if they received the recent round of the Busines Costs Assistance Program and the Licensed Hospitality Venue Fund.
To find out more information on the grant and to receive updated information, head to Business Victoria’s website.
Another $400m in support for Victorian small and medium businesses announced 6 August
The Victorian and Commonwealth Governments have announced round three of the Business Costs Assistance Program (BCAP) to help support Victorian businesses during the new lockdown.
Registered businesses will automatically receive a payment of $2,800 and applications will be open until next week for businesses that haven’t previously taken part in the Business Costs Assistance Program.
To find out more information on the grant and to receive updated information, head to Business Victoria’s website.
Extra support for Victorian small and medium businesses announced 28 July
The Victorian and Commonwealth Governments have announced a new, jointly funded package that will give Victorian small and medium businesses the extra support they will need to recover from the recent lockdown.
- Business Continuity Fund: This fund will deliver $5,000 grants to approximately 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.
- Licensed Hospitality Venue Fund 2021: Grants of up to $20,000 are available to support licensed venues as their operations continue to be impacted by current restrictions.
- Small Business COVID Hardship Fund: This new $85 million fund was established to support small businesses who haven’t been eligible under existing business support funds. Small businesses with a payroll of up to $10 million who have experienced a 70% or greater reduction in revenue will be eligible for grants of up to $5,000.
- Alpine Business Support Program: Grants between $5,000 and $20,000 will be available for 430 Alpine based businesses in recognition of restricted inter and intra-state travel during the peak winter season.
- Commercial Tenancy Relief Scheme: This re-introduced scheme will ease pressure for eligible tenants by providing them with rent relief, while separate support will be provided to landlords who do the right thing by their tenants.
There is a lot to digest with the latest update, and you can find all of the information on the Business Victoria website here.
Jobs Victoria Fund
To help Victorian businesses employ at least 10,000 people who are looking for work, the Victorian Government has launched the Jobs Victoria Fund. The Fund will provide $250 million in wage subsidies to support employers to grow and recover, while helping jobseekers at the same time.
Eligible employers who hire eligible jobseekers could access wage subsidies of up to $20,000. Depending on the size of your business, you can apply for a wage subsidy of up to 20 full time employees.
To qualify for the wage subsidy, an employer needs to employ someone from at least one of the priority groups outlined below and on the Jobs Victoria website.
The Jobs Victoria website highlights that it is very important that employers interested in applying to the Jobs Victoria Fund must hire employees before applying for the Fund.
Applications are ongoing and you can check your eligibility and apply for the Fund on the Jobs Victoria website.
Wellbeing and Mental Health Support for Victorian Small Businesses
The Wellbeing and Mental Health Support for Victorian Small Businesses program supports Victorians dealing with the challenges of running a small business during the COVID-19 pandemic.
Current support under this program is the Partners in Wellbeing telephone helpline. If you’re worried about your business, this helpline provides one-on-one support and free access to counsellors and business advisors.
Head to Business Victoria’s website to find out more.
Need more assistance?
Our Victorian accountants and bookkeepers are experts in their field and know first-hand the effect these grants are having on individuals and small businesses. Get in touch with our team to learn how we can help.
