Victorian Government Releases 3rd Round of Business Support Packages
Premier Daniel Andrews announced on Sunday 13th September 2020 a third round of the business support fund to provide financial support to businesses impacted by restrictions in Victoria.
The $3 billion business support package is the largest in Victoria’s history taking the Government’s total business support to over $6 billion to help keep Victorians in Jobs and to help businesses to survive during this difficult time.
The package is to include cash grants and tax relief to assist businesses to get to the other side of the pandemic and on the road to recovery.
Some of what’s coming in 3rd round
- Over $1.1 billion in cash grants will support small and medium sized businesses that are most affected by coronavirus restrictions including $822 million as part of the third round of the Business Support Fund.
- Around 75,000 eligible businesses with payrolls up to $10 million will receive grants of $10,000, $15,000 or $20,000 depending on their size of business. Over 108,000 businesses have already shared in $1.47 billion from the first and second round of Business Support Fund grants.
- Victoria’s hospitality sector to receive support including bars, restaurants, pubs, clubs, hotels and reception centres. Government will establish a $251 million dedicated Licenced Venue Fund, with grants of between $10,000 and $30,000 for licenced venues of all shapes and sizes. The Government is also providing further relief by waiving liquor license fees for 2021.
- Our Government will give Victorian alpine resorts the support they need with grants of up to $20,000 to help cover their resort fees, saving them a combined $4.3 million.
- 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 to a COVID Normal world.
- The Government will also defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year.
- The Government will provide an additional $137 million in waivers and deferrals of charges including liquor licence fees, the congestion levy and increases to the landfill levy. The 50% 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 invest $44 million to equip businesses with the support they require to achieve a somewhat COVID Normal and to change the way they do things. It will include $20 million for small businesses to access off-the-shelf digital programs such as Shopify or Square online, training and workshops designed to help businesses pivot and to adapt to online operations.
- As exports play a vital part of Victoria’s economy the Government is launching a $15.7 million export recovery package to address logistics and supply chain issues caused by the impacts of the pandemic, and to 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.
The Grant application process opens on Friday the 18th September 2020 and a full list of the eligibility criteria will be published when applications open. For more information and to apply visit: http://www.business.vic.gov.au