New support programs targeting small and medium businesses have been announced in a joint venture between the Commonwealth and State governments. These include:
Businesses impacted by capacity limits will receive a $5,000 grant, thanks to the $156 million Business Continuity Fund. 24 sectors are covered by the fund, including gyms, cafes, restaurants, event businesses, catering services, and hairdressers.
Licensed venues will receive grants of up to $20,000, owing to a $70 million boost to The Licensed Hospitality Venue Fund. These grants acknowledge that larger venues have higher operating costs, so need more support than smaller operations.
Small businesses with a payroll of up to $10 million who have experienced a 70 percent or greater reduction in revenue will be eligible for grants of up to $5,000. This new $85 million fund will be established to support small businesses that have not been eligible under existing business support funds.
The reinstated Commercial Tenancy Relief Scheme will provide rent relief for eligible tenants, while separate support will be provided to landlords. Landlords will be required to afford rent relief proportional to a business’s reduction in turnover. A mediation service for tenants and landlords will provide additional support.
Most microbusinesses or sole traders not registered for the GST are eligible for relief payments through the COVID-19 Disaster Payment.
Business Victoria is setting up a dedicated concierge service to help these businesses access support. You can call this service to discuss what support is available for your business. Call 13 22 15 and select the Concierge Service option.
See here for further information.