- Grant of $5,000 (additional $2,000 for businesses located in CBD) for businesses affected by capacity limit restrictions
- Commercial tenancy relief (rent relief matching turnover fall)
- Federal COVID-19 Disaster payment (small amounts)
- $4,800 payment for July lockdown (not yet announced for August lockdown) – industry specific
- Business Costs Assistance program Round 3 – $2,800 automatically paid in mid August to those who are eligible for Round 2 or Round 2 July extension.
For more information, visit the Victorian Government website: Business Victoria (Victorian Government) COVID help
Some of these grants rely on eligibility for previous payments. The first one is commercial tenancy relief, so rent relief matching the turnover fall. It means that there is a requirement of commercial landlords to drop the rent in the same proportion that the business’ turnover has dropped. There are almost like laws to enforce that and it used to be in the first round.
And this time last year, it was almost about mediation of the landlord and the tenant, but this is almost like forcing the landlord to drop the rent which is bad if you are a landlord. But that is one of the things that you need to keep in mind.
Federal COVID-19 Disaster payments are really small amounts and they are administered through Centerlink. The other name for that is Services Australia. There is a $4,800 payment for July lockdown. This is industry specific and that is almost 5K’s more than Queensland grant. And then we have the Business Costs Assistance programme Round 3, which is $2,800 automatically paid to those who were eligible in mid August.
The Small Business COVID Hardship Fund was recently started. If they are not eligible for existing programmes or experienced at least 70% reduction in turnover and have payroll of up to $10 million, recently on 6th of August, it was announced that additional funding will be added to this Small Business COVID Hardship Fund, allowing grants of up to $8,000.
The difference of what we are seeing with New South Wales, Queensland, and Victoria, is kind of adding things as they go along. There is no long running, even the Business Costs Assistance programme, this is their third round. What they are doing is watching it as it goes along and they have recently announced the Small Business COVID Hardship Fund. If you have got a live event that got cancelled, there is a grant of between $2,000 to $25K.
If you are a micro-business and you need a bit more help and you don’t have an accountant to go to for this stuff, the first port of call is definitely go to your accountant. In Victoria, there is a micro-business concierge that you can get in touch with.
FREE E-BOOK SUMMARY OF BUSINESS GRANTS
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