As part of the Victorian Government’s $1.7 billion Economic Survival Package, they have released a new Business Support Fund.
In addition to the Federal Economic Stimulus options this could be a great support for Businesses to survive the impacts of the COVID-19 pandemic.
The funding is targeted at small businesses that have an annual turnover over $75,000 and payroll of less than $650,000.
The Business Support Fund is a one-off funding grant of $10,000 per business.
Applications opened on 30 March 2020 and close 1 June 2020.
Your business will be considered eligible if:
If you did employ staff in 2019/2020 but had to let them go due to a result of closure or the impact of COVID-19 you may still be eligible to apply
The funds can be used in a number of ways including:
Businesses will be asked to supply a copy of the most recent Business Activity Statement (BAS) to prove that you have an annual turnover of more than $75,000 and payroll of less than $650,000.
Applicants must certify in writing that they meet the eligibility criteria and will be subject to audit by the Victorian Government. They will be required to provide evidence such as payroll reports to demonstrate impact if requested for a period of four years after the grant has been approved.
You can apply here
As always, please contact us if you have any questions or wish to discuss any of the above matters further. As we have said before, our full team are working remotely from home and are available on our usual phone number (03 8746-7700). We are committed to helping you through this in any way that we can.