Victorian Government financial support for business
The Victorian Government is investing $3 billion to help businesses impacted by ongoing restrictions and prepare for COVID Normal business.
$3 billion in cash grants, tax relief and cash flow support will be delivered to Victorian businesses that have been most affected by coronavirus (COVID-19) restrictions. The package will help businesses survive and keep Victorians in jobs.
- Licensed Hospitality Business ($251 million): The Licensed Hospitality Venue Fund provides grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location, plus liquor license fees waived until 2021.
- Sole Trader Support Fund ($100 million): The Sole Trader Support Fund provides grants of $3,000 to over 30,000 eligible sole traders in sectors such as retail, accommodation and food services, creative and media, hairdressing, gyms, events, education and training who operate from a commercial premises or location as a tenant.
- Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards
- Business Chambers and Trader Groups ($3 million): Grants for Business Chambers and Trader Groups is a competitive grants program to support local business groups and chambers of commerce in helping their members adapt to COVID Normal.
Sole Trader Support Fund - deadline extended
Applications for the Sole Trader Support Fund are now open until 30 December to assist more sole trader businesses in specific industries with their transition to COVID Normal. Grants of $3000 are available to help with overhead costs.
Visit the Business Victoria website for full eligibility criteria and information on how to apply. Apply here
First Peoples' COVID-19 Business Support Fund
Applications are now open for the First Peoples’ COVID-19 Business Support Fund. Aboriginal businesses that have been affected by the pandemic, such as through temporary closure or trading restrictions, can apply for grants of up to $10,000 to help them get back on their feet.
To find out if you are eligible and how to apply, please visit the Business Victoria website. Applications are open until 29 January 2021 or until funds are exhausted, whichever is earlier. Apply here
Record keeping for contact tracing
Wondering what your business must do to keep records for contact tracing?
This page contains record-keeping requirements for a COVIDSafe workplace, which businesses need to keep records, how long they should be kept and other important advice and information. Read more here
Backing Business Investment (BBI)
A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset's cost. Learn more about it here
Small & Medium Enterprise (SME) Guarantee Scheme
This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders' willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans. Learn more about the scheme here
The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis. More information can be found here
COVID19 Manufacturer Response Register Portal
The Advanced Manufacturing Growth Centre (AMGC)'s portal for Australian manufacturing, component suppliers and skilled design, engineering and manufacturing experts enables manufacturers to register their interest and core competencies in support of the national response to COVID-19. Click here for further information or to register.
Boosting Female Founders Initiative
Boosting Female Founders (BBF) aims to help female founders to access early stage capital to grow their start-ups in national and international markers. The program will provide grants between $25,000 and $400,000 on a co-contribution basis to successful applicants and run over 3 years. The start-up must be at least 50% women owned (equity or shares) and at least 50% of the founding team or senior managers must be women.
See the program guidelines for eligibility criteria, more information and how to submit your EOI here.
JobKeeper Wage Subsidy Announcement
Businesses significantly impacted by the Coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees through the JobKeeper payment. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over.
More information can be found here
Changes to retail leasing and what this means for Victorian tenants and landlords
Following changes under the Retail Leases Amendment Act 2020 that amend the Retail Leases Act 2003, a landlord can now pass on the costs of repairing and maintaining essential safety measures (ESM), and the costs of installing ESM as part of a fit-out, to their tenant as outgoings, though only where the tenant’s lease and disclosure statement or annual estimate of outgoings enables them to do so.
More information on other changes which have come into affect including Security deposits (bonds), Disclosure statements, Notification of option to renew, early rent review and cooling off can be found here
FREE Business Resilience program
Australian Small Business Advisory Services Digital Solutions (ASBAS) have launched a program designed to assist Victorian small businesses affected by COVID-19. Support includes free access to virtual mentoring, online workshops, and resources.
Businesses will need to fit the following criteria to partake in this program:
- Victorian For-Profit Business
- Active ABN
- Under 20 Employees
You can visit their mentor page and workshop page for more information, or email firstname.lastname@example.org for enquiries regarding the Business Resilience program.
This Federal Government funded program is aimed at increasing the digital capabilities of Small Businesses in Australia. It accomplishes this by offering low cost, easy to understand workshops (including face to face when able), webinars, and advisory services directly to small business owners.
A full suite of free educational opportunities to assist businesses are available here