$3bn+ Victorian Business Support Packages: What we know so far

The Victorian Government has announced new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support."

Grants

$822 million for a third round of Business Support Fund Grants of $10,000, $15,000 or $20,000 to businesses with payrolls of up to $10 million (depending on size).

You may be eligible for a grant if your business operates in an industry sector that is Restricted, Heavily Restricted or Closed and for which restrictions are not easing.

Download the full list of eligible sectors

Businesses in the above sectors must also:

• operate a business located within Victoria; and
• participate in the Commonwealth Government’s JobKeeper Payment scheme; and
• employ people and be registered for Workcover Insurance  with WorkSafe Victoria; and
• have had an annual payroll of less than $10 million in 2019-20; and
• be registered for Goods and Services Tax (GST); and
• hold an Australian Business Number (ABN); and
• be registered with the responsible Federal or State regulator.

Applications will remain open until funds are exhausted or until 11.59pm on 23 November 2020, whichever is earlier. See Third Round of Business Support Fund Grants.

$100 million Melbourne city recovery fund

In partnership with the Melbourne City Council, grants will be available for businesses to move their activities outdoors to fund COVID-19 safe infrastructure and events. The Melbourne City Recovery Fund includes:

• $30 million for small to medium sized businesses to rapidly adapt their operations to be more COVID Safe and comply with health directions 
• $30 million for COVID Safe events and cultural activities to attract visitors back to the central city 
• $40 million on infrastructure works to support the return of people to the central city through making the city more safe, accessible and sustainable. 

$3K Grants for Sole Traders

$3k grants will be available to sole traders who will continue to be affected by restrictions - i.e  tenants or licensees in a commercial premises or location who will be closed, heavily restricted, or restricted under the lockdown rules. Sole traders who operate from a home office or are able to reopen on 28 September 2020 are unlikely to qualify.

Approximately 33,000 sole traders are expected to qualify for grants generally in accommodation and tourism, non-permitted retail, media and film production, gyms, creative studios, outdoor entertainment, private museums and galleries, etc.

Grant applications will open in the coming days.

Creation of a Licenced Venue Fund
Grants of between $10,000 and $30,000 for licenced venues. And, liquor license fees for 2021 will be waived. Once again, the details on these initiatives are unclear.

Payroll Tax