The recent lockdowns have been the hardest so far for many small and medium businesses around Australia. To provide support to businesses in Victoria, the Government has announced the Small Business COVID Hardship Fund. The Government will help eligible businesses that have faced a decline in turnover of at least 70% with $10,000 tax free grants.
Small business grants
To receive the Small Business COVID Hardship Fund, your business must not have been eligible to receive prior grants from 27 May to August 2021, including Business Costs Assistance Program Round Two, Business Costs Assistance Program Round Two Extension, Licensed Hospitality Venue Fund 2021, Licensed Hospitality Venue Fund 2021 – July Extension, Alpine Resorts Support Program, Victorian Events Support Package, comprising of Sustainable Events Business Program, Impacted Public Events Support Program, Independent Cinema Support Program, Live Performance Support Program for Presenters and Suppliers.
To receive the Small Business COVID Hardship Fund, the business must be in located in Victoria. It must have faced a decline in turnover of at least 70% for at least a two-week period, comparable to the same period in 2019, due directly to COVID-19 restrictions since 27 May 2021. The business must have an ABN and annual payroll in Victoria of up to $10 million in FY 2020.
Non-employing businesses can receive funding as long as they meet the criteria. Employing businesses must also be registered with WorkSafe Vic and attest that it is supporting its workers to access leave entitlements or working from home if possible. You can apply now until 11.59pm 10 September 2021 or once funds have been exhausted. Businesses who want to apply must have their application verified by a qualified agent. They need to provide ID – driver’s license, medicare card or password. For questions, get in touch with your accountants today.
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.
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437