Further business support in the amount of $400 million has been announced today in accordance with the attached statement.
These support initiatives are to be funded jointly by the Commonwealth and Victorian Governments and they are aimed at supporting small and medium businesses. A brief summary of the grants are as follows:
1. Business Continuity Fund
Grants of $5,000 will be made available to eligible businesses still affected by capacity limits imposed by COVID restrictions, including gymns, cafes, restaurants, catering services and hairdressers.
CBD businesses are eligible for an additional $2,000 in recognition of the reduced foot traffic due to office density limits.
Businesses are eligible if they received or were eligible for the previous Business Costs Assistance Program.
There were various criteria for eligibility for the last Program, including:
- Having incurred direct costs as a result of the lockdown and being a business than cannot predominantly operate remotely;
- Having an annual Victorian payroll under $10 Million; and
- Having not received a grant under the Licensed Hospitality Venue Fund 2021.
2. Licensed Hospitality Venue Fund 2021
Grants of up to $20,000 will be made available for licenced venues.
An additional $2,000 top-up is available for CBD businesses.
To receive this payment, licensed businesses must have received or been eligible to receive the Licensed Hospitality Venue Fund 2021.
There are various criteria for eligibility for the Venue Fund, including:
- Operating a licensed bar, restaurant, pub, club, hotel, café or reception centre that is registered to serve food and alcohol;
- Holding a general, late night (general), full club, restaurant and café, producer’s or on-premises or late nigh (on premises) liquor licence;
- Having a food business with the appropriate registration;
- If an employing business, attesting that the business is supporting its workers to access any paid leave entitlements (or if a worker can work from home allowing them to do so) and supporting its casual workers; and
- Having not received support under the Business Costs Assistance Program.
3. Small Business COVID Hardship Fund
Small businesses who have missed out on existing business support funds may also be eligible for grants of up to $5,000.
To be eligible, businesses must have a payroll of up to $10 Million and must have experienced a 70 per cent or greater reduction in revenue.
4. Support for Alpine Businesses
Grants of between $5,000 and $20,000 will be made to eligible alpine businesses.
These supports are in addition to the Commercial Tenancy Relief Scheme and Landlord Hardship Fund which were also announced earlier today and were the subject of our most recent Update. We note we did not attach the press release to that Update and we now include same.
Please review the Business Victoria website for details of specific eligibility criteria and further information regarding your entitlements under particular grants. If you require any assistance please do not hesitate to contact our office.
As always our office will monitor changes in the situation, provide further updates, and address any queries you may have.
This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.