Business Support Fund
The Victorian Government recently announced a third round of the Business Support Fund – ensuring businesses impacted by coronavirus (COVID-19) restrictions continue to receive the support they need to make it through restricted trading. Grants from this program will help businesses in these sectors make it through extended restrictions.
Through this third round of the Business Support Fund, eligible businesses will receive grants of $10,000, $15,000 or $20,000, depending on the business’ annual payroll.
Only employing businesses in the sectors can apply for a grant from this program, in recognition that these industries are the most affected by coronavirus (COVID-19) restrictions.
To be eligible for the Fund, businesses must:
- Operate a business located within Victoria
- Be registered as operating in an industry sector that has an industry restriction level of Restricted, Heavily restricted or Closed and is not easing industry restriction levels between the First Step and Second Step of Victoria’s roadmap for reopening (a business’s industry sector is defined by the industry classification (ANZSIC) linked to their ABN )
- Be a participant in the Commonwealth Government’s JobKeeper Payment scheme
- Be an employing business and be registered with WorkSafe Victoria
- Have an annual payroll of up to $10 million in 2019-20 on an ungrouped basis
- Be registered for Goods and Services Tax (GST) on 13 September 2020
- Hold an Australian Business Number (ABN) and have held that ABN at 13 September 2020
- Be registered with the responsible Federal or State regulator
Sole Trader Support Fund
The Victorian Government’s Sole Trader Support Fund helps eligible non-employing businesses in sectors that continue to be affected by coronavirus (COVID-19) restrictions.
The ‘How we work’ roadmaps show that many sectors will remain closed, restricted or heavily restricted as metropolitan Melbourne and regional Victoria move towards reopening.
Grants of $3,000 from this program will help eligible sole traders in affected sectors make it through restricted trading.
To be eligible for a grant from this program, applicants must:
- be a non-employing business operating in Victoria
- operate from a commercial premises or location
- hold a valid ABN
- be a current participant in the Commonwealth Government’s JobKeeper payment scheme
- operate in an industry sector that has been heavily restricted or closed as a result of continued restrictions
- have not received a Business Support Fund Expansion grant.
A full list of the eligibility criteria for a grant will be published when applications open.
Grant applications open in the coming days. To be informed when applications open, please subscribe to the Business Victoria Update.
If your business is not in one of the listed sectors, you may be able to access other support programs from the Victorian Government’s Business Resilience Package. Information about other support for businesses is also available on the Business Victoria coronavirus (COVID-19) business information page and our website <link>.
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.
Stay safe.
The Team at Rose Partners
