Financial Help for Businesses During Lockdown

Further Support for Victorian Businesses

The Victorian Government has announced a $400 million package, jointly funded by the Commonwealth Government, that will provide automatic payments to almost 100,000 eligible businesses in Victoria, including sole traders.

Further hardship funds will be made available to eligible businesses that do not qualify for existing programs.

Five key elements make up the support package:

Business Costs Assistance Program Under the new State-Commonwealth business support package confirmed today, more than 90,000 businesses will be automatically paid a Business Costs Assistance Program Round Three grant of $2,800.

Licensed Hospitality Venue Fund New payments of $5,000 to $20,000 will be made to more than 8,900 hospitality venues across Victoria that received funding support from the Licensed Hospitality Venue Fund through the May/June and July lockdowns. Payments will be automatic and graded by venue capacity.

Small Business COVID Hardship Fund An additional $54 million will be added to the Small Business COVID Hardship Fund announced last week, allowing grants of up to $8,000 to be paid to small businesses that are not eligible for support under existing programs and have experienced a 70 per cent reduction in turnover.

COVID-19 Disaster Payments Eligible workers who lose hours due to the lockdown will be eligible for support through the Commonwealth’s COVID-19 Disaster Payment, as will businesses that do not qualify for Victorian Government support programs because they are not registered for GST.

More information about these programs will be available at business.vic.gov.au.

Rent Relief for Commercial Tenants In addition to the support package, the Victorian Government yesterday announced businesses that have experienced a loss in turnover of more than 30 per cent during the pandemic are now guaranteed to receive rent reductions, while separate support will be provided to landlords. Tenants and landlords can contact the Victorian Small Business Commission for more information on 13 87 22.