Victorian Government announces $3b business support package 13.09.2020

The Victorian government has today unveiled a $3 billion support package for businesses, following the state’s extended lockdown during the second wave. The Victorian economy has been hit hard, with anticipation there will soon be more Victorians on JobKeeper than the rest of the country combined.

The package includes:

  • A $1.1 billion in cash grants for small and medium sized business to companies “most affected” by coronavirus restrictions. This includes $822 million as part of the third round of the Business Support Fund with around 75,000 eligible businesses in line to receive grants of $10,000, $15,000 and $20,000 depending on their size;
  • A $251 million Licensed Venue Fund with grants of between $10,000 and $30,000 depending on their size;
  • Payroll tax will be deferred for businesses with payrolls up to $10 million for the full 2020-21 financial year;
  • $20 million for small businesses to help them access digital programs such as Shopify, training and workshops to adapt their businesses to online operations;
  • Grants of up to $20,000 to businesses in alpine resorts.
  • A further $137 million in waivers and deferrals of charges including liquor licence fees, the congestion levy and increases to the landfill levy. The 50 per cent stamp duty discount for commercial and industrial property across all of regional Victoria will be brought forward to 1 January 2021 and the Vacant Residential Land Tax will be waived for properties that are vacant in 2020;
  • The Government will also partner with local business groups and chambers of commerce, with grants of up to $20,000 so they can help their members adapt and find their feet in a COVID Normal world;
  • A $15.7 million export recovery package to address logistics and supply chain issues caused by the pandemic, and establish new export channels. Businesses will be connected to international markets through virtual trade missions as well as assistance to adapt their export strategies to respond to the rapidly changing global market; and
  • $8.5 million will be allocated for the marketing of a website and campaign aimed at encouraging Victorians to support local businesses called Click for Vic.

The move comes as the government has faced a push from some parts of the business community to alter its road map for removing coronavirus restrictions to allow for more economic activity.

Additional details, such as eligibility and how to access the funds will be released over the coming days and we will update you as soon as the information is to hand.

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

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