It was just announced today, that the Victorian Government will launch an additional $534 million Business Support Package to help businesses and workers impacted by the coronavirus lockdown.
What is the program?
The Business Support package will be on top of the $6 billion which has already been invested into economic relief since the pandemic began.
The program is in response to the reinstatement of COVID-19 restrictions across metropolitan Melbourne and Mitchell Shire.
What kind of support is available?
The latest measures include:
- cash grants for struggling businesses
- mental health support for business owners
- relief for tourism operators who can no longer welcome Melbourne-based vacationers
- tailored and targeted advice for businesses to adapt, stay afloat and then bounce back on the other side.
Who is eligible?
The Government will expand the current Business Support Fund to provide more than 80,000 eligible businesses with a $5,000 grant to support them through the renewed restrictions.
This grant was previously made available to the 12 postcodes linked to outbreaks. It will now apply to all areas under Stage 3 restrictions.
Business Support Package Breakdown:
- $30 million fund for the hardest hit businesses in hospitality
- $26 million investment in mental health support for small businesses
- $40 million fund to help tourism businesses cover the cost of refunds and local marketing campaigns**
- $10 million business mentoring program to pair small business owners with experienced professionals
- $20 million CBD Business Support Fund
- $5,000 grants for 80,000 eligible businesses across metropolitan Melbourne and the Mitchell Shire
- Extended payroll tax deferral: Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020-21 financial year.
** Eligible tourism operators will be able to claim up to $225 per night for up to five nights for every room cancelled due to the Stage 3 restrictions, provided they refund the booking in full.
For more information on the package, please click here.