Monday 6 September 2021
The Commonwealth and Victorian Governments have released a media statement, announcing a jointly-funded support packages for small to medium-sized businesses impacted by current public health restrictions.
The business support payments, confirmed on Saturday 4 September, cover a four-week period ending on Thursday 30 September.
Business Costs Assistance Program
Funding of up to $1.6 billion will support about 132,000 businesses across multiple sectors who were recipients of the Business Costs Assistance Program Round Two or July Extension.
Businesses throughout Victoria will receive automatic payments to cover ongoing costs such as wages, rent, utilities and insurance:
- $2,800 a week for businesses with an annual payroll below $650,000
- $5,600 a week for businesses with an annual payroll of $650,000 to $3 million
- $8,400 for businesses with an annual payroll of $3 million to $10 million.
Businesses will remain eligible while they are unable to operate due to public health restrictions.
Small Business COVID Hardship Fund
The Small Business COVID Hardship Fund will receive a $448 million boost, increasing the total grant amount available to small and medium-sized businesses from $14,000 to $20,000 in recognition of the impact of the lockdown extension.
This program supports businesses that have been ineligible for Victorian Government business support programs since May but have experienced a reduction in revenue of at least 70 per cent.
This includes businesses that are legally allowed to operate but are restricted in their ability to generate revenue. Applications for the fund close on Friday 10 September.
For more information, as and when it is published, visit VIC Government COVID-19 updates >
AMIC will continue to keep all members updated on any changes and restrictions, and please call us if you need assistance, we are here to help.