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New grant to support Victorian businesses impacted by COVID-19

New grant to support Victorian businesses impacted by COVID-19

The Victorian government is offering a new $5,000 grant to more than 80,000 businesses that have been impacted by the return of COVID-19 restrictions.

The grant is part of a new $534 million business support package, which includes a raft of dedicated funds targeting the hospitality, tourism, and other hard-hit sectors.

The expanded financial support follows the reinstatement of stage three restrictions across metropolitan Melbourne and the Mitchell Shire in early July to slow the spread of COVID-19.

“This pandemic is hard for so many of our small businesses and that’s why we’re making sure they have the support they need to survive, adapt and keep their employees on – so more Victorians can stay in jobs,” said Victorian small business minister Jaala Pulford.

How to apply for the $5,000 Victorian business grant

To be eligible for the grant, businesses must be located in the metropolitan Melbourne and Mitchell Shire areas and must employ people.

Businesses must also:

  • be a participant in the Commonwealth government’s JobKeeper payment scheme
  • be registered with WorkSafe as of June 30, 2020
  • have an annual payroll of less than $3 million in 2019-20
  • be registered for GST as of June 30, 2020
  • hold an Australian Business Number (ABN) and have held that ABN as of June 30, 2020
  • be registered with the responsible federal or state regulator.

Businesses can use the grant for a range of reasons, including paying business costs like rent, seeking business continuity advice and support, and marketing activities.

Support for hospitality, tourism, mental health

As part of the new support package, there is dedicated financial assistance for a range of Victorian businesses that have been especially hurt by the latest COVID-19 restrictions.

A $30 million fund has been established just for Victoria’s night-time economy to assist struggling hospitality businesses.

The Victorian government has earmarked $26 million in mental health support to help Victorians who are running small businesses navigate the crisis.

The package includes a $40 million capped fund to help regional tourism businesses cover the costs of refunds, as well as a $10 million business mentoring program that will pair small business owners with experienced professionals.

Small businesses in Melbourne’s CBD will be able to access a $20 million dedicated fund after facing a large and sustained shock to their trading environments.

“Supporting our businesses, tourism operators and the night-time economy has never been more crucial – this targeted assistance will make a big difference to those doing it tough,” said Martin Pakula, Victorian minister for industry support and recovery.

Get the right support for your business

If your business is eligible for any of the new financial support measures, you can apply for the different grants here.

The new financial support package follows the Victorian government’s initial $10,000, one-off business recovery grant that was launched at the start of the restrictions.

The team at LDB Group has supported Victorian businesses around the clock since the COVID-19 pandemic hit the state, providing critical business cash flow advice and helping businesses reshape themselves for the future.

If you need help understanding how the new financial assistance may affect your business, give us a call on (03) 9875 2900 or send us a message via the contact form below.

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