The Victorian Government recently announced further rounds of the Business Support Fund grants under its Business Resilience Package, providing some financial support to Victorian based businesses impacted by the Victorian COVID-19 restrictions.
The following are the two latest and current active business grants:
1. Victorian Business Support Fund – Third Round
On 13 September 2020, the Victorian Government announced a new support package to help businesses survive the impacts of continued coronavirus (COVID-19) shutdown restrictions and to keep Victorians in jobs.
This announcement includes $822 million for Business Support Fund 3, the third round of the Business Support Fund program.
Eligible businesses in specific industry sectors with payrolls of up to $10 million should receive grants of $10,000, $15,000 or $20,000. The grant amount will be determined by the business’ payroll size for the 2019/20 financial year as follows:
- $10,000 if annual payroll is less than $650,000;
- $15,000 if annual payroll is between $650,000 and less than $3 million; or
- $20,000 if annual payroll is between $3 million and up to $10 million.
To be eligible for the grant, businesses must:
1. Operate a business located within Victoria;
2. Be registered as operating in an industry sector that has an industry restriction level of
Restricted, Heavily restricted or Closed and is not easing industry restriction levels between
the First Step and Second Step of Victoria’s roadmap for reopening (a business’ industry
sector is defined by the industry classification (ANZSIC) linked to their ABN);
3. Be a participant in the Commonwealth Government’s JobKeeper Payment scheme;
4. Be an employing business and be registered with WorkSafe Victoria;
5. Have an annual payroll of up to $10 million in 2019-20 on an ungrouped basis;
6. Be registered for Goods and Services Tax (GST) on 13 September 2020;
7. Hold an Australian Business Number (ABN) and have held that ABN at 13 September
2020; and
8. Be registered with the responsible Federal or State regulator.
More information in relation to this business grant, including the list of eligible industry sector ANZSIC codes, can be found here – https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/business-support-fund-3
Applications are now open and will close at 11.59pm on 23 November 2020, or until the Business Support Fund is exhausted, whichever is earlier. Please contact your Blaze Acumen adviser if you have questions or would like assistance with an application.
2. Victorian Sole Trader Support Fund
On 14 September 2020, the Victorian Government announced the $100 million Sole Trader Support Fund to provide extra support to eligible Victorian non-employing sole trader businesses to survive the impacts of continued COVID-19 shutdown restrictions.
This is for non-employing sole traders across Victoria that operate from commercial premises or locations, participate in JobKeeper and operate in specific sectors.
Eligible businesses should receive a grant of $3,000.
To be eligible for the Fund, businesses must:
1. Operate a business located within Victoria;
2. Be a sole trader with no employees;
3. Operate from a commercial premises or location (residential premises are not eligible) for at
least six months as a:
(i) Tenant;
(ii) Licensee;
(iii) Owner/occupier of fixed commercial premises; and
(iv) Operator of a registered ‘mobile food premises’ (for example a food van) with a permit
or commercial agreement to operate at specific location(s).
4. Be registered as operating in an industry sector that has an industry restriction level of
Restricted, Heavily restricted or Closed and is not easing industry restriction levels between
the First Step and Second Step of Victoria’s roadmap for reopening (a business’ industry
sector is defined by the industry classification (ANZSIC) linked to their ABN);
5. Be an ‘eligible business participant’ in the Commonwealth Government’s JobKeeper
Payment scheme;
6. Be registered for Goods and Services Tax (GST) on 14 September 2020; and
7. Hold an ABN registered in the business category of ‘individual’ and have held that ABN at
14 September 2020.
More information in relation to this sole trader grant, including the list of eligible industry sector ANZSIC codes, can be found here – https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-resilience-package/sole-trader-support-fund
Applications are now open and will close at 11.59pm on 23 November 2020, or until the Sole Trader Support Fund is exhausted, whichever is earlier. Please contact your Blaze Acumen adviser if you have questions or would like assistance with an application.
Other Victorian Government Business Grants
In addition to the above two grants, the Victorian Government have other grants available to various businesses under its ‘Business Resilience Package’.
The $3 billion Business Resilience Package is to help businesses impacted by ongoing restrictions and prepare for COVID Normal business. The package includes cash grants, tax relief and cashflow support.
For more information on the Business Resilience Package and potential support for your business, please refer to the following link:
If you have any questions in relation to these grants, or require assistance with an application, please contact your Blaze Acumen adviser.