On 23 March, the Victorian Government announced its $500 million Business Support Fund as part of a $1.7 billion stimulus package.
Initially only available to small businesses operating in sectors directly impacted by the government’s shut down directive, the $10,000 grant has now been extended to include small businesses participating in the Commonwealth JobKeeper program.
With more than $150 million already paid out to businesses across the state, Victoria’s Minister for Jobs, Innovation and Trade Martin Pakula said, “The sectors hit hardest and fastest by the coronavirus pandemic received important support through the fund, and now we’re moving to the second phase to help others doing it tough”.
The second phase of support will be expanded to businesses with payroll tax below the threshold of $650,000 and who are participating in the Commonwealth JobKeeper program, regardless of the sector they operate in.
Businesses that have not previously applied for the grant due to their sector classification are encouraged to apply before the due date of 1 June 2020.
For more information on eligibility for the Business Support Fund, please refer and click on Victorian Business Support Fund document for more information.
Source: Written by Huey Chew, Trident Financial Group. 28th May 2020.