Further to the original Business Support Fund which closed on 1st June, the Victorian Government has announced the Business Support Fund – Expansion Program in order to support business through the reinstated Stage 4 & 3 Resections.
Businesses here in the Greater Hamilton Region currently in Stage 3 restrictions may be eligible for a one off $5,000 grant. Businesses must apply for the grant by 14 September 2020 as this program has additional criteria to the original Business Support Fund
Additional eligibility criteria:
Businesses must fulfil all of the following criteria to be eligible to apply for the $5,000 grant. They must:
- be a participant in the Commonwealth Government’s JobKeeper Payment scheme; and
- employ people and be registered with WorkSafe on 30 June 2020; and
- have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis; and
- be registered for Goods and Services Tax (GST) on 30 June 2020; and
- hold an Australian Business Number (ABN) and have held that ABN at 30 June 2020; and
- be registered with the responsible Federal or State regulator.
A sole trader and partnerships must employ people other than themselves to be eligible.
Not-for-profit organisations with annual revenue between $75,000 and $150,000 that are not registered for GST can apply for a grant, provided they meet the other eligibility criteria and are registered with the Australian Charities and Not-for-Profit Commission.
This $500 million Business Support Fund is designed to help small businesses survive and keep people in work. It was originally for sectors such as retail, tourism, hospitality, accommodation and the arts, but now includes businesses eligible for the JobKeeper Payment.
If you are a small business or not-for-profit impacted by COVID-19 and you think you may be eligible we encourage businesses to apply ASAP!
Your business is eligible if you meet both the above additional criteria and the original criteria below:
- Employ staff
- Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date.
- Have a turnover of more than $75,000
- Have payroll of less than $650,000.
- Held an ABN and were engaged in business on 16 March 2020 (date of the State of Emergency declaration).
We’ve pulled out the key “in a nutshell” information on each government package in our regularly updated Quick Reference Guide, alongside other support initiatives from banks and the ATO.
If you’re a local business in need of free, independent and confidential 1:1 support on which packages you may be eligible for, our Small Business Assistance and Support Officer, Colin Thompson can help. Contact our team to arrange a chat with Colin, and discuss other ways we may be are able to offer assistance.
P: 0429 578 216
You can access the Quick Reference Guide and other resources on our Business & Tourism Support Hub, and local businesses should join the Greater Hamilton Business & Tourism COVID-19 Facebook Group and stay connected.