A jointly-funded package of grants from the Commonwealth and Victorian Governments was announced this morning to support thousands of small and medium-sized businesses through the next six weeks at which point Victoria is expected to reach 80 per cent vaccination. The funding package of up to $2.27 billion will support businesses most affected by restrictions as Victoria reaches the 70 per cent, then 80 per cent fully vaccinated thresholds on the state’s Roadmap to Deliver the National Plan.
Business Costs Assistance Program Round Five
Funding of up to $1.26 billion will provide for automatic payments to recipients of the Business Costs Assistance Program across October and into the first half of November.
Businesses will be eligible to receive two fortnightly payments between 1-29 October on a rising scale.
Eligible non-employing businesses will receive $1,000 per week, increasing to $2,800 a week for an annual payroll of up to $650,000, $5,600 a week for a payroll of $650,000 – $3 million and $8,400 a week for a payroll of $3 million – $10 million.
Businesses that remain closed or severely restricted between 70 and 80 per cent double dose will receive an automatic payment for the period from 29 October to 13 November.
The full list of eligible ANZSIC codes for the Business Costs Assistance Program will be available on the Business Victoria website tomorrow.
Businesses that have previously received or been approved for a Business Costs Assistance Program Round Two or July Extension grant will be eligible for these payments.
Licensed Hospitality Venue Fund
More than 9,000 licensed hospitality businesses that have previously received grants under the Licensed Hospitality Venue Fund or July Extension programs will receive further automatic payments in October.
Weekly payment amounts are stepped according to premises capacity: $5,000 for a capacity of up to 99 patrons or where patron capacity is not specified, $10,000 for a capacity of 100 to 499 patrons, and $20,000 for a capacity of 500 or more.
Between 70 and 80 per cent double dose, payments for licensed premises in metropolitan Melbourne will be reduced by 25 per cent, and in regional Victoria by 50 per cent as the economy continue to progress to greater levels of freedom.
The Licensed Hospitality Venue Fund payments will total up to $407.5 million for the six-week period.
Small Business COVID Hardship Fund
Some $600 million has been added to the Small Business COVID Hardship Fund, taking the total program to $1.3 billion.
The existing $700 million funding pool has been fully subscribed and the new allocation means 65,000 businesses will now be supported with one-off grants of $20,000.
The Fund supports businesses that have suffered significant losses due to the pandemic, including businesses legally allowed to operate but restricted in their ability to generate revenue, but have previously fallen between the cracks in terms of government support.
Should you have any questions or need any help to ensure you receive all available assistance, please reach out to our team at Rose Partners and we will do our best to assist.
The Team at Rose Partners