To provide support to small and medium sized businesses in Victoria who are heavily affected by the current restrictions, the Federal and State Governments have announced a $2.34 billion support package. The business support payments cover four weeks ending on 30 September 2021. The payments are supported by both governments contributing 50% each. This is in lieu of a program like the NSW JobSaver Program.
Businesses in Victoria will receive automatic payments to cover ongoing costs like rent, utilities, insurance and wages. Depending on the payroll size, eligible businesses will receive monthly payments: $2,800/week for businesses with a max $650,000 annual payroll, $5,600 for businesses with $650,000 to $3 million annual payroll and $8,400/week for businesses with $3 to 10 million annual payroll. Businesses are eligible while they cannot operate because of restrictions.
Support for businesses
The Small Business COVID Hardship Fund will get $448 million more because of the lockdown extension. It will increase the grant amount for small and medium sized businesses from $14,000 to $20,000. For businesses that have received part of the funding, no further action is required and top-up payments will be paid automatically into their bank account. Applications will close on 10 September 2021.
Licensed hospitality businesses that were eligible to receive grants under the 2021 Licensed Hospitality Venue Fund or July Extension programs will receive payments automatically. Up to $289m will provide support to over 9,300 premises that were affected by the lockdowns. Eligible businesses will receive $5,000 for a capacity of up to 99 patrons, $10,000 for 100 to 499 patrons and $20,000 for 500 or more patrons. Hospitality businesses are eligible while they cannot operate because of restrictions.
Resort businesses will also receive automatic top-up payment of about $10,000 to $40,000 for the remainder of the season, depending on their staffing size and location.
This is good news for businesses who are having a hard time because of lockdowns. If you have questions or need support in applying for any funding, get in touch with a Sky Accountants accounting advisor.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
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Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
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