As COVID-19 case numbers across Victoria continue to fall, the State Government has announced further business support, as we move out of restrictions towards a ‘COVID Normal.’
A summary of the various grants, tax and levy deferrals announced can be found here, but the major components of the package are:
Business Support Fund Expansion
The Business Support Fund will be expanded to a third round of cash grants.
Eligible businesses 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 million and $10 million.
Access to funding is restricted to businesses operating within certain industries in this round of the program. A list of these eligible industries can be found here. We recommend eligible business ensure their ABN is registered under the correct industry code before applying.
Further information can be found and applications made here. Applications will remain open until 23 November 2020, or until available funds are exhausted, as such we recommend eligible businesses apply as soon as possible.
Please note that businesses intending to apply for the ‘Licensed Hospitality Fund’ listed below should not apply for funding from the Business Support Fund, as this will make them ineligible for the potentially larger grant available to licensed venues.
Other Major Funds Announced
- Licensed Hospitality Fund – Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location, plus liquor license fees waived until 2021. Businesses intending to apply for funding through this program should not apply to the Business Support Fund, as they will not be eligible to receive both.
- Sole Trader Support Fund – Grants of up to $3,000 to eligible sole traders in sectors such as retail, accommodation and food services, creative and media, hairdressing, gyms, events, education and training who operate from a commercial premises or location as a tenant.
- Melbourne City Recovery Fund – To support businesses in Melbourne’s CBD as they convert or upgrade their spaces and equipment for the ‘COVID Normal’ world.
- Outdoor Eating and Entertainment Package – Grants of up to $5,000 to support hospitality businesses prepare for ‘COVID Normal’ reopening across Victoria as they adapt to outdoor dining.
Information currently available on these and the other funds announced can be found here.
Waivers and Deferrals
The Victorian Government has also announced the deferral of Payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year.
Other deferrals of Victorian State taxes and levies can be found here.
Further information about the various packages continues to be released, so should you have any questions or need assistance please do not hesitate to contact your Morrows advisor.