Who is giving the support package?
On 13th September 2020, the Victorian Government announced a third round of the Business Support Fund, through which eligible businesses will receive grants.This is due to the fact that Victoria is going through a extended lockdown and businesses are suffering greatly.
The Application can be made at this link
How much funds are allocated for this package?
The total package is to the tune of 3 Billion AUD, Which includes 855 Million AUD for “Business support fund 3” under which around 75000 businesses will receive grants of $10,000, $15,000 or $20,000, depending on the business’ annual payroll.
- $10,000 if its annual payroll is less than $650,000;
- $15,000 if its annual payroll is between $650,000 and less than $3 million; or
- $20,000 if its annual payroll is between $3 million and up to $10 million.
Who is eligible for this support ?
To be eligible you have to meet ALL the following criteria…
- You must be a business operating in Victoria.
- Business must be registered for Jobkeeper program, which means at some point you would have registered a turnover drop of 30/50% depending on business size.
- Business ABN must be registered for GST as on 13th Sep 2020.
- Business must be registered under worksafe , Employer number will be required, the address on the Worksafe policy is taken as the address for determining the businesses operation location.
- You must be a employer: Basically you must have employees on Wages/TFN, contractors are not eligible. This also means that you must be reporting STP electronically , as that is the only way to ascertain employee details, else it may be constructed as a scheme. Please note : Sole traders, individuals in partnerships and individual trustees of trusts must employ persons other than themselves to be eligible.
- You must be a business/industry that are affected by the Covid -19 restrictions, attached is a document giving the eligible industries. Please note that if your business does not fall under the above list , You are not eligible for this grant, but may still be eligible under other options listed in ” What other grants and supports are available” below.
- Business must be registered with relevant regulator, ASIC , ACNC, CAV.
What can the funds be used for?
- Meeting business costs, including utilities, salaries or rent;
- Seeking financial, legal or other advice to support business continuity planning;
- Developing the business through marketing and communications activities; or
- Any other supporting activities related to the operation of the business.
Compliance points:
- 23rd Nov 11.59 pm is the last date for application acceptance.
- Evidence provided will be cross checked with other Government Agencies.
- Businesses under liquefaction or deregisteration may not be eligible.
- You have the option to apply for arms length review if your application is rejected, and you believe that it was incorrect.
- Applicants will be audited and records need to be kept for a period of 4 years. Misleading information or incorrect usage will result it on being repayable on demand, apart for any other action.
- Applicants who reveive support under Licenced Hospitality Venue Fund will not be eligible for this support fund.
What other grants and supports are available:
Sole Traders not employing can get a grant of upto 3,000 Aud.
Licenced Hospitality Venue Fund can get a grant of upto 30,000 Aud.
Support under the Business Adapation fund: for Hospitality industry, Exporters, soletraders to adapt their business to the new normal.
More Details:
