The Commonwealth and Victorian Governments have announced a jointly-funded support package of up to $2.34 billion to provide a critical four-week boost to small and medium-sized Victorian businesses most impacted by current public health restrictions.
The business support payments cover a four-week period ending on Thursday 30 September.
The vast majority of payments will be deposited automatically into businesses’ bank accounts, while a new tiered payments system for the Business Costs Assistance Program will allow for higher payments to businesses with more workers.
Business Costs Assistance Program
Support for businesses across multiple sectors who were recipients of the Business Costs Assistance Program Round Two or July Extension.
Businesses throughout Victoria will receive automatic payments to cover ongoing costs such as wages, rent, utilities and insurance:
- $2,800 a week for businesses with an annual payroll below $650,000
- $5,600 a week for businesses with an annual payroll of $650,000 to $3 million
- $8,400 for businesses with an annual payroll of $3 million to $10 million.
Businesses will remain eligible while they are unable to operate due to public health restrictions.
Licensed Hospitality Venue Fund 2021
Licensed hospitality businesses that have previously received grants under the Licensed Hospitality Venue Fund 2021 or July Extension programs will receive automatic payments based on premises capacity:
- $5,000 for a capacity of up to 99 patrons or where patron capacity is not specified
- $10,000 for a capacity of 100 to 499 patrons
- $20,000 for a capacity of 500 or more.
Hospitality businesses will remain eligible while they are unable to operate due to public health restrictions.
Small Business COVID Hardship Fund
The total grant amount available to small and medium-sized businesses will increase from $14,000 to $20,000 in recognition of the impact of the lockdown extension.
Some 16,000 businesses that have already received a Small Business COVID Hardship Fund grant will receive an automatic top-up payment of $6,000.
This program supports businesses that have been ineligible for Victorian Government business support programs since May but have experienced a reduction in revenue of at least 70 per cent. This includes businesses that are legally allowed to operate but are restricted in their ability to generate revenue.
Applications for the Small Business COVID Hardship Fund close on 10 September.
Alpine Support Package
The Alpine Support Package will help sustain resorts through the remainder of the season and September school holidays with an automatic top-up payment of between $10,000 and $40,000, depending on business location and whether they employ staff.
For more information about business support programs is available at business.vic.gov.au.