KW Insights | Further Assistance for Victorian Businesses

Victorian Jobs Minister Martin Pakula has announced a package of $367m to support predominantly Melbourne businesses.

Under the new initiative, businesses including sole traders who have received or been approved for a Business Costs Assistance Program Round Two or Business Costs Assistance Program Round Two July Extension grant, or a Licensed Hospitality Venue Fund grant, will receive an automatic payment.

A significant boost to the new Small Business COVID Hardship Fund that opens today will take the one-off payments for eligible businesses that do not qualify for existing programs to $10,000.

Business Costs Assistance Program
$271 million has been added to the Business Costs Assistance Program, with more than 95,000 businesses in metropolitan Melbourne to automatically receive payments of $2,800, with grants scheduled to be paid within seven business days.

Licensed Hospitality Venue Fund 2021

$55 million has been allocate to the new licensed venue initiative, with automatic payments of $5,000, $10,000 and $20,0000 to be made in coming weeks to more than 7,000 licensed hospitality venues in metropolitan Melbourne that have previously received or been approved grants under the Licensed Hospitality Venue Fund program.

Payment amounts will be tiered according to premises capacity:

• $5,000 for a capacity of up to 99 patrons;
• $10,000 for a capacity of 100 to 499 patrons; and
• $20,000 for a capacity of 500-plus.

Small Business COVID Hardship Fund

An allocation of $41 million will boost the Small Business COVID Hardship Fund to $180 million, with grants of $10,000 available to small- and medium-sized businesses across the state.
The fund opens for applications today through the Business Victoria website and will help up to 18,000 businesses that have been ineligible for business support programs and have experienced a reduction in revenue of at least 70 per cent.

Businesses that are legally allowed to operate but are restricted in their ability to generate revenue – such as a food store located at a shopping centre or a manufacturer supplying goods for closed venues – will be among those that that could be eligible.

Businesses that have lost custom due to restrictions affecting foot traffic – such as pharmacists located in the CBD – could also be eligible.

For more information on access to the above funds and packages, please refer to the Premier’s announcement or contact your King & Whittle adviser.