Cash-strapped Victorian businesses can access state government financial support
Thousands of cash-strapped Victorians now have access to financial support rolled out by the state government. This is everything you need to know.
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Billions of dollars in financial support has been rolled out by the State Government to help cash-strapped businesses during the pandemic.
The third round of much-needed assistance is an urgent lifeline for those businesses who have been forced to remain shut or under tight restrictions, particularly in Melbourne under the stage 4 limitations.
Here’s everything you need to know.
WHO IS ELIGIBLE?
Premier Daniel Andrews said the grants are available for those businesses who have been financially hit during the pandemic.
“You need to be a business that is up and running and that’s got prospects,” he said.
There are different criteria for the different cash grants and assistance packages available.
WHAT CASH GRANTS ARE AVAILABLE?
• The support will provide up to $20,000 for businesses with payroll up to $20 million.
• Licensed hospitality businesses can receive grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres dependent on their venue capacity and location.
• Business chamber and trader groups can get help through competitive grants to support metropolitan and regional business chambers and trader groups.
• Alpine businesses can receive up to $20,000 to help pay a service charge to the Alpine Resort Management Boards.
• Sole traders can receive grants of up to $3000. These are available to more than 30,000 eligible Victorians who operate from a commercial premises or location. The sole trader must be the tenant or licensee.
HOW DO I ENSURE I AM ELIGIBLE FOR THE $20,000 CASH GRANTS?
You must operate a business within Victoria, be participating in the Federal Government’s JobKeeper program and employ and be registered with WorkSafe.
Your payroll must be less than $20 million, you must be registered for GST, hold an ABN and be registered with the relevant state or federal regulator.
WHAT OTHER FINANCIAL SUPPORT IS AVAILABLE?
Sole traders and small businesses can build their online presence through a voucher program worth $20 million.
Victorians exporters can get their products to market and establish new trade channels.
A new “Click for Vic” campaign is being rolled out to encourage more Victorians to support local businesses.
About $87.5 million is available as part of the outdoor eating and entertainment packages to support businesses who are having to implement new safety measures at their premises.
And for CBD businesses $100 million will be available as part of the Melbourne City Recovery Fund to support businesses to become “COVID normal” in the lead up to Christmas and throughout the summer months.
WHAT WAIVERS AND DEFERRALS OF PAYMENTS ARE AVAILABLE?
There are multiple deferrals to payments but this means they will have to be paid at a later date.
This includes the deferment of payroll tax for businesses with payrolls of up to $10 million for the 2020-21 financial year.
There will be a stamp duty discount of 50 per cent brought forward for commercial and industrial property for all of regional Victoria.
A congestion levy tax will be waived by 25 per cent and the outstanding balance will be deferred.
For hoteliers liquor license fee waivers will apply for 2021.
Vacant residential land tax will also be waived in 2020.
HOW SOON CAN I GET SUPPORT?
Eligible applicants can apply from Friday, September 18.
WHERE DO I GET ADDITIONAL HELP ON WHAT’S AVAILABLE?
For more information call the Business Victoria coronavirus hotline on 13 22 15.
HOW DO I APPLY FOR BUSINESS SUPPORT UPDATES?
Visit business.vic.gov.au/subscribe-to-newsletters.
WHERE DO I APPLY TO GET SUPPORT?
Visit business.vic.gov.au.