Business Daily Media

The Times Real Estate

.

Victorian Business Support Package

  • Written by Scott Morrison

A new jointly funded package from the Commonwealth and Victorian Governments will give Victorian small and medium businesses the extra support and confidence they need to recover from the recent lockdown.

 

The new Victorian Business Support Package will deliver an additional $400 million in support to thousands of businesses, with funding to be split 50/50 between the Commonwealth and Victorian Government. 

 

The package includes a new $85 million Small Business COVID Hardship Fund and $156 million Business Continuity Fund, as well as delivering support for commercial tenants and landlords.

 

It will also build on Victorian Government support for licenced hospitality and alpine venues, with $70 million for the Licensed Hospitality Venue Fund 2021 and $9.8 million for Alpine Business Support.

 

The programs will be administered by the Victorian Government.

 

Prime Minister Scott Morrison said Victorian businesses had borne the brunt of the heavy cost of lockdowns that kept the state and Australia safe.

 

“Together we can and we will recover from this,” the Prime Minister said.

 

“We’ve done it before, and we’ll do it again.

 

“Last year, Victoria and our nation faced heavy blows from COVID, but with the right supports in place our economy and businesses came back strongly and a million people returned to work.

 

“We will continue to do what is necessary to support Victorian businesses as we face the evolving challenges of COVID-19.”

 

The Premier of Victoria Daniel Andrews said, “This package is all about jobs – protecting and growing jobs to support Victoria’s economic recovery.” 

 

“With this funding we’ll continue driving jobs and economic recovery here in Victoria, and for the nation.”

 

The Treasurer Josh Frydenberg said the Morrison Government supported Victorians during the crisis and will continue to support them to the end of this crisis.

 

“Having battled five lockdowns Victorian businesses have been amongst the hardest hit in the nation,” the Treasurer said.

 

“No amount of support can make up for what business owners have experienced over the last year and half, but this latest package will support them as they reopen after this latest lockdown.” 

 

The Victorian Treasurer Tim Pallas said, “We’re supporting Victorian businesses each step of the way as we continue to fight this pandemic.”

 

“We know small businesses have been doing it tough and this new fund will give them the support they need to recover.”

 

Five key elements make up the support package to help businesses deal with ongoing public health restrictions.

 

Business Continuity Fund

A $156 million Business Continuity Fund will be established to deliver $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.

 

Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers.

 

Recognising businesses located in the CBD will continue to be impacted due to restrictions on the number of staff allowed in office buildings, they will be eligible to receive an additional $2,000 recognising reduced foot traffic due to office density limits.

 

All recipients must have received or been eligible for the previous Business Cost Assistance Program.

 

Licensed Hospitality Venue Fund 2021
The Licenced Hospitality Venue Fund will receive a $70 million boost, with grants of up to $20,000 to be made available to support licensed venues as their operations continue to be impacted by current restrictions.

 

These grants recognise that larger venues depend more on dine-in and have higher operating costs, so need more support than smaller operations.

 

Again an additional $2,000 will also be made available to the business if it is located within the CBD.

 

 To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.

 

Commercial Tenancy Relief Scheme and Landlord Hardship Fund

The package, to be fully funded by the Victorian Government, will deliver $80 million to provide support to landlords that provide rent relief to their tenants.

 

The Commercial Tenancies Relief Scheme will be reinstated to provide much needed rent relief to small to medium commercial tenants and their landlords with more details on the roll out to be provided by the Victorian Government soon.

 

Small Business COVID Hardship Fund

A new $85 million fund will be established to support small businesses who have not been eligible under existing business support funds.

 

Small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue will be eligible for grants of up to $5,000.

 

Alpine Business Support Program

Alpine Business Support will receive a further $9.8 million to deliver grants of between $5,000 and $20,000 to 430 Alpine based businesses in recognition of restricted inter and intra-state travel during the peak winter season.

 

The funding also includes an additional $5 million support to alpine resort operators and management boards.

 

The Commonwealth and Victorian Governments continue to work together to support Victorians through this challenging time.

 

Little known law offers savvy Kiwis the opportunity to supercharge their retirement savings

A little-known legal amendment is being leveraged by savvy New Zealanders and expat Brits to supercharge their retirement savings. Not many peop...

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Launchd Takes Off: Former AFL Stars Lead Tech-Powered Platform Set to Disrupt Talent and Influencer Marketing

Backed by Institutional Capital, Launchd Combines Five Leading Agencies and Smart Technology to Deliver Measurable Results Influencer marketing i...

Meet the Australian fintech unlocking rewards for small businesses

Small businesses make up 98 per cent of all businesses in Australia, yet they continue to bear the brunt of economic uncertainty. According to Credi...

Teleperformance (TP) Business Insights Report Reveals Key Shifts in Consumer Behaviour

TP’s Business Insights report  into consumer behaviors and preferences, taking in more than 57,000 respondents across 19 sectors, is shedding new li...

HubSpot launches platform-wide AI tools to help businesses close the adoption gap

HubSpot today unveiled more than 200 updates across its customer platform to help businesses grow better. The release introduces smarter tools, new AI...

Sell by LayBy