There have been several Federal/ State Government relief packages announced recently for NSW and Victoria. However, the exact dates as to when applications become live have not been released for some support packages. By following our social media channels, you can stay up to date with the latest information as we receive it.
The Vic and NSW support packages available include:
Federal/ NSW support package
Following the extension of the Greater Sydney lockdown until at least 28 August 2021, further business support has been announced.
The COVID-19 Business Support Payment will be expanded as follows:
- Eligible entities, which includes not-for-profits, will now receive payments of between $1,500 and $100,000 per week based on the level of their payroll with the maximum turnover threshold increased from $50 million to $250 million.
- The payment will continue to be calculated based on 40 per cent of payroll for businesses that have suffered a 30 per cent or more decline in turnover.
- For non-employing businesses, such as sole traders, the payment will remain set at $1,000 per week.
The expanded support will continue to be conditional on businesses maintaining their employee headcount as at 13 July (covering permanent and long-term casual employees) by not taking active steps to terminate their employment.
The expanded payment will take effect from 18 July 2021, the start of the program. For businesses that have already submitted an application, the payment will be automatically adjusted consistent with the expanded program.
Federal/ Victorian support package
The Commonwealth and Victorian Governments have announced a new Victorian Business Support Package, the five new / updated support packages to help businesses deal with ongoing public health restrictions include:
Business Continuity Fund
The Business Continuity Fund will be established to deliver $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.
Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers.
CBD businesses will be eligible to receive an additional $2,000 recognising reduced foot traffic due to office density limits.
All recipients must have received or been eligible for the previous Business Cost Assistance Program.
Licensed Hospitality Venue Fund 2021
Under the Licenced Hospitality Venue Fund grants of up to $20,000 will be made available to support licensed venues as their operations continue to be impacted by current restrictions.
Again, an additional $2,000 will also be made available to the business if it is located within the CBD.
To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.
Commercial Tenancy Relief Scheme and Landlord Hardship Fund
The package, to be fully funded by the Victorian Government, will deliver $80 million to provide support to landlords that provide rent relief to their tenants.
The Commercial Tenancies Relief Scheme will be reinstated to provide rent relief to small to medium commercial tenants and their landlords with more details on the roll out to be provided by the Victorian Government soon.
View the statement from the Victorian Small Business Commission here
Small Business COVID Hardship Fund
This fund will support small businesses who have not been eligible under existing business support funds.
Small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue will be eligible for grants of up to $5,000.
Further announcements will be made on this in the coming days.
Alpine Business Support Program
Alpine Business Support will receive a further $9.8 million to deliver grants of between $5,000 and $20,000 to 430 Alpine based businesses in recognition of restricted inter and intra-state travel during the peak winter season. The funding also includes an additional $5 million support to alpine resort operators and management boards.
Contact our team today 9374 8400 if you have any questions or queries regarding the support program suitable to your situation. We are here to help Monday – Friday and are always a phone call away. Please follow us on social media as well, as this is will be the quickest and easiest way to stay up to date with the latest news.
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