Victorian Government update on support package for business

A further $282.5 million in business support packages will be provided to key, hard hit sectors of the state economy via the following programs:

• Licensed Hospitality Venue Funds recipients who are to receive $3,000 payments announced earlier this week for the first five days of lockdown, will now be eligible for a further $4,200, taking total payments for the July lockdown period to $7,200.
• Business Costs Assistance Program recipients who are to receive $2,000 payments announced earlier this week, will now be eligible for a further $2,800, taking total payments to $4,800.
• Businesses in Victoria’s ski fields (including alpine hospitality, retail, accommodation and experience operators), which have seen their peak season hit hard by the lockdown and have been able to claim $15,000 during the May-June lockdown, will get access to another $3,000. This funding initiative will be provided on top of on top of any entitlements under the Licensed Hospitality Venue Fund or Business Costs Assistance Program.
• Organisers of public events who have had to cancel because of the lockdown will be eligible for grants of up to $25,000 and businesses who supply the events sector can get $10,000 through an extension of the Impacted Public Events Support Program.

Other funding initiatives announced

• A new round of the Live Performance Support programs, with funding of up to $7,000 for presenters and up to $2,000 for suppliers, has also been confirmed, for individuals and businesses who were previously eligible for the grants made during the May-June lockdown under the Live Performance Support Program (Presenters) and Live Performance Support Program (Suppliers) programs.
• A new round of the Sporting Clubs Grants Program will provide $2,000 grants for community sport and active recreation organisations for events that have been unable to proceed or will have to be cancelled or postponed. Note that those businesses will not be eligible for this grant if they are already in receipt of funding under the Business Costs Assistance Program.

Businesses that had previously chosen not to apply for the above support programs in relation to the May/June lockdown, or had been ineligible to apply but are now eligible, will be welcome to apply for July lockdown support payments and will be considered outside of the automatic top-up process.

The Victorian government has also announced that, in discussions with the Commonwealth Government, they acknowledge that a vast majority of microbusinesses not registered for GST and too small to qualify for state support will be eligible for the Covid-19 Disaster Payment of $600/$375 per seven-day period. The Victorian Government will launch a “concierge service” to help these businesses access this support.

Further information

For more information, please visit:

• https://www.coronavirus.vic.gov.au/financial-support-for-businesses-and-workers
• https://business.vic.gov.au/grants-and-programs.

We are committed to supporting businesses during this challenging time. For further information or assistance, please contact your Bentleys advisor.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.