Victorian business support grants expanded
On 1 May 2020, the Victorian Government announced that they will be providing more support for Victorian businesses affected by the coronavirus pandemic via expansion of its $500 million Business Support Fund.
The Business Support Fund is dedicated to small businesses that do not pay payroll tax and which operate in those sectors of the economy that were most directly affected or severely impacted by the shutdowns ordered to protect public health and save lives.
Businesses in sectors such as retail, tourism, hospitality, accommodation and the arts were the first to be eligible for $10,000 Business Support Fund grants. With more than $150 million paid out in grants to businesses across the state to date, the fund will now move to the second phase of support.
The criteria will be expanded to include businesses with a wages bill less than the payroll tax threshold of $650,000 who are participating in the Commonwealth JobKeeper program, regardless of the sector they operate in. Eligibility for the fund will not be expanded to include sole traders, who are covered by JobKeeper.
Businesses who applied for Business Support Fund payments but were initially not eligible based on their sector classification will be contacted by the Department of Jobs, Precincts and Regions and do not have to submit a new application.
Businesses that have not previously applied for a grant due to their sector classification are encouraged to make an application for a grant at business.vic.gov.au when applications for the expanded group open in coming days.
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For an in-depth discussion of how these initiatives might affect you and your business, please contact us on + 61 3 9527 5041.