What is the Business Support Fund?
The Business Support Fund is a program to assist Victorian small businesses impacted by coronavirus (COVID-19).
Application Walk Thru
The Victorian Government has launched the $500 million Business Support Fund to support small businesses in the sectors hit hardest by the coronavirus (COVID-19) pandemic, including hospitality, tourism, accommodation, arts and entertainment, and retail, so they can survive and keep people in work.
The Government will work with the Victorian Chamber, Australian Hotels Association and Australian Industry Group to deliver the Fund, which will help these businesses – which may not be eligible for payroll tax refunds due to their size – survive and keep people in work.
The fund is part of the Victorian Government’s $1.7 billion Economic Survival Package which is supporting businesses and workers through the devastating impacts of the coronavirus (COVID-19) pandemic.
Funding of $10,000 per business is available and will be allocated through a grant process.
Examples of what the grant funding could be used for include:
- Meeting business costs, including utilities, salaries, rent
- Seeking financial, legal or other advice to support business continuity planning
- Developing the business through marketing and communications activities
- Other supporting activities related to the operation of the business.
The Covid-19 Business Support Fund is for small businesses that employ staff and are subject to closure or are highly impacted by the shutdown restrictions announced by the Victorian Government as a result of the coronavirus (COVID-19).
Small businesses are eligible if they:
- employ staff
- have been subject to closure or are highly impacted by Victoria’s shutdown restrictions announced to-date.
- have a turnover of more than $75,000
- have payroll of less than $650,000.
Businesses are eligible to apply for a grant through the Fund if they meet the following criteria:
- Have been subject to closure or highly impacted by shutdown restrictions announced by the Victorian Government to-date; and
- Employ people; and
- Have a turnover of more than $75,000; and
- Have payroll of less than $650,000; and
- Hold an Australian Business Number (ABN) and held that ABN at 16 March 2020 (when the State of Emergency was declared); and
- Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020.
While owners of businesses that do not employ people (non-employing businesses) are not eligible for funding through this program, they can seek support through the Commonwealth Government’s Job Seeker Payment Program.
Applications close 1 June 2020.