14 Sep BUSINESS SUPPORT FUND – ROUND 3
On September 13 the Victorian Government announced the Business Resilience Package – $3billion in cash grants, tax relief and cash flow support that will be delivered to Victorian Businesses most affected by the COVID-19 restrictions.
The package is aimed at helping businesses survive and prepare for “COVID normal” business, as well as maintain employment within Victoria.
ONE-OFF CASH GRANT
A one-off cash grant will be available to eligible businesses with an annual payroll of up to $10million, as part of the third round of the VIC Business Support Fund. The previous two rounds (now closed) provided grants to support businesses affected by initial restrictions and renewed restrictions that commenced in early August 2020. This third round will continue to support businesses to make it through restricted trading.
WHO CAN APPLY?
Only employing businesses with an ABN registered in one of the eligible sectors can apply for a grant from this program, in recognition that these industries are the most affected by coronavirus (COVID-19) restrictions.
Businesses in the above sectors must also:
- Operate a business located within Victoria; and
- Participate in the JobKeeper scheme; and
- Employ people and be registered for Workcover Insurance with WorkSafe Victoria; and
- Have had annual payroll of less than $10million in 2019-2020; and
- Hold an ABN, also registered for GST.
If your business is not in one of the listed sectors, you may be able to access other support programs from the Victorian Government’s Business Resilience Package. Information about other support for businesses is also available on the Business Victoria coronavirus (COVID-19) business information page.
HOW MUCH ARE THE GRANTS?
The third round of the Business Support Fund will grant eligible businesses $10,000, $15,000 or $20,000 depending on the annual payroll figure.
- $10,000 if payroll is less than $650,000
- $15,000 if 2019-2020 annual payroll is between $650,000 and less than $3million
- $20,000 if 2019-2020 annual payroll is between $3million and up to $10million
WHAT CAN THE GRANTS BE USED FOR?
Grants may be used to assist the business on.
- Meeting business costs, including utilities, salaries or rent;
- Seeking financial, legal or other advice to support business continuity planning;
- Developing the business through marketing and communications activities;
- Any other supporting activities related to the operation of the business.
APPLICANTS WITH MULTIPLE BUSINESSES
Only one grant per ABN is permitted. If an applicant has separate ABNs for their businesses, they will need to submit a separate application for each ABN. Each business and ABN must be able to satisfy each of the program eligibility criteria in its own right to be considered eligible for a grant.
SOLE TRADERS, PARTNERSHIPS AND TRUSTEES
Sole traders, individuals in partnerships and individual trustees of trusts must employ people other than themselves to be eligible for a grant under this program. Sole traders may be eligible for the Sole Trader Support Fund.
APPLY FOR THE GRANT
Applicants must provide:
- ABN – which must be linked to the correct ANZSIC classification
- Current business name that is registered with the relevant national or state regulator ie. ASIC< ACNC or CAV
- Workplace Employer number or WorkSafe Application Reference Number
- JobKeeper Receipt ID from most recent declaration or enrolment