$534 million Business Support Package
The Victorian Government has announced a new $534 million Business Support package to help businesses and workers during COVID19.
These measures are primarily aimed at assisting those in Melbourne and Mitchell Shire, however, there are benefits available to regional Victoria.
Business Support Fund Extension
To support businesses impacted by these restrictions, one-off grants will be made available to eligible businesses under the Business Support Fund – Expansion program:
- $10,000 for employing businesses in metropolitan Melbourne and Mitchell Shire in recognition of spending longer under restrictions
- $5,000 for employing businesses in regional local government areas (except Mitchell Shire)
Businesses which have already received a Business Support Fund – Expansion grant, or have applied for one, will not need to re-apply. Successful applicants will automatically receive this additional allocation.
Applications for the program will be extended until 14 September 2020. For further information on eligibility and applications click here.
Regional Tourism Accommodation Support Program
Accommodation businesses impacted by cancellations due to increased restrictions in Melbourne and Mitchell Shire are eligible to apply for financial support.
A payment of up to $225 per booking, per night, will be made for each cancelled booking up to a maximum of $1125, provided that the accommodation provider has refunded in full any payment made on the booking for someone who can no longer travel.
Extended payroll tax deferral
Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year. Information on eligibility is yet to be announced.
Business mentoring program
A $10 million business mentoring program is being developed to assist small business owners to navigate their way through the crisis. Further information is yet to be announced.
Mental health support for small businesses
A $26 million mental health support fund is being developed to assist Victorian’s dealing with the challenges of running a small business.
Further information is yet to be announced.
CBD Business support fund
A $20 million Central Business District Business Support Fund is currently being established to assist eligible small businesses in Melbourne’s CBD. At this stage, applicants can register their interest for more information when it becomes available.
Night-time economy support program
A $30 million dedicated fund is currently being developed to assist those eligible in the hospitality sector. It is currently unclear whether eligibility will extend beyond Melbourne and Mitchell shire. Register your interest for more information when it becomes available.
More information
For further information on any of the above visit the Business Victoria website.
As your expert Accountants and Business Advisors, we are here to help. If you have any questions on the above, or on any elements of your business or personal finances, please don’t hesitate to call our friendly and informative team.
