$3 billion to support Victorian businesses
About the initiative
The Victorian Government is investing $3 billion to help businesses impacted by ongoing restrictions and prepare for COVID Normal business.
$3 billion in cash grants, tax relief and cashflow support will be delivered to Victorian businesses that have been most affected by coronavirus (COVID-19) restrictions. The package will help businesses survive and keep Victorians in jobs.
• 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:
• 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.
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.
Waivers and deferrals
The Government is also providing $1.8 billion in tax and cashflow support.
• $1.7 billion in payroll tax deferrals 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.
Third Round of Business Support Fund Grants
The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria.
The Victorian Government Road map shows that many sectors will remain closed, restricted or heavily restricted as metropolitan Melbourne and regional Victoria reopens. Grants from this program will help businesses in these sectors survive the extended period of restricted trading.
Who can apply for the third round of grants?
The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must:
• operate a business located within Victoria; and
• participate in the Commonwealth Government’s JobKeeper Payment scheme; and
• employ people and be registered with WorkSafe; and
• have had an annual payroll of less than $10 million in 2019-20; and
• be registered for Goods and Services Tax (GST); and
• hold an Australian Business Number (ABN); and
• be registered with the responsible Federal or State regulator.
An eligible business 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.
A full list of the eligibility criteria for a grant will be published when applications open.
We are waiting on the Victorian Government to announce support for Sole Traders. Once we have the information and eligibility criteria, we will communicate these to you.
How to apply
Applications will open soon. If you would like to engage HHG Foothills to manage your application please email email@example.com or speak to your accountant.
If you require further assistance please contact Lincoln, Juliana, John or the office on
9739 4066 or email firstname.lastname@example.org