What is the Business Support Fund – Third Round?
The Business Support Fund – Third Round is a program to support Victorian businesses that must stay closed or operate under restrictions until COVID Normal.
On 13 September 2020, the Victorian Government announced a new support package to help businesses survive the impacts of continued coronavirus (COVID-19) shutdown restrictions and to keep Victorians in jobs. This announcement includes $822 million for Business Support Fund 3, the third round of the Business Support Fund program.
The Business Support Fund – Third Round specifically targets businesses in industry sectors that have been Restricted, Heavily restricted or Closed as a result of continued restrictions outlined in Victoria’s roadmap for reopening.
Through the fund, around 75,000 businesses in specific industry sectors with payrolls of up to $10 million will receive grants of $10,000, $15,000 or $20,000 (with the grant amount determined by the business’ payroll size).
- $10,000 if its annual payroll is less than $650,000;
- $15,000 if its annual payroll is between $650,000 and less than $3 million; or
- $20,000 if its annual payroll is between $3 million and up to $10 million.
Grant funds may be used to assist the business, for example on:
- Meeting business costs, including utilities, salaries or rent;
- Seeking financial, legal or other advice to support business continuity planning;
- Developing the business through marketing and communications activities; or
- Any other supporting activities related to the operation of the business.
To be eligible for the Fund, businesses must:
- Operate a business located within Victoria; and
- Be registered as operating in an industry sector that has an industry restriction level of Restricted, Heavily restricted or Closed and is not easing industry restriction levels between the First Step and Second Step of Victoria’s roadmap for reopening (a business’s industry sector is defined by the industry classification (ANZSIC) linked to their ABN); and
- Be a participant in the Commonwealth Government’s JobKeeper Payment scheme; and
- Be an employing business5 and be registered with WorkSafe Victoria; and
- Have an annual payroll of up to $10 million in 2019-20 on an ungrouped basic; and
- Be registered for Goods and Services Tax (GST) on 13 September 2020; and
- Hold an Australian Business Number (ABN) and have held that ABN at 13 September 2020; and
- Be registered with the responsible Federal or State regulator.
Businesses that have received assistance through the initial Business Support Fund, the Business Support Fund expansion, payroll tax rebate/waiver, or other coronavirus (COVID-19) programs can apply for assistance under Business Support Fund – Third Round.
Businesses not in one of the listed sectors may be able to access other support programs from the Victorian Government’s Business Resilience Package. More information about support for businesses is also available on the Business Victoria coronavirus (COVID-19) business information page.
Applications close 23 November 2020.