Extra business support
The business support payments were confirmed Saturday 4 September, cover a fourweek period ending on Thursday 30 September. The joint package of up to $2.34 billion will deliver certainty to around 175,000 Victorian businesses as the state bands together to restrict the spread of infection while the drive to vaccinate 70 per cent, then 80 per cent, of the population accelerates. The vast majority of payments will be deposited automatically into businesses’ bank accounts, while a new tiered payments system for the Business Costs Assistance Program will allow for higher payments to businesses with more workers.
Business Costs Assistance Program
Businesses throughout Victoria will receive automatic payments to cover ongoing costs such as wages, rent, utilities and insurance:
$2,800 a week for businesses with an annual payroll below $650,000
$5,600 a week for businesses with an annual payroll of $650,000 to less than $3 million
$8,400 for businesses with an annual payroll of $3 million to $10 million.
Businesses will remain eligible while they are unable to operate due to public health restrictions.
A jointly-funded support package from the Commonwealth and Victorian Governments will provide a critical four-week boost to small and medium-sized Victorian businesses most impacted by the current public health lockdown.
Licensed Hospitality Venue Fund 2021
Licensed hospitality businesses that have previously received grants under the Licensed Hospitality Venue Fund 2021 or July Extension programs will receive automatic payments based on premises capacity:
$5,000 for a capacity of up to 99 patrons or where patron capacity is not specified
$10,000 for a capacity of 100 to 499 patrons $20,000 for a capacity of 500 or more. Hospitality businesses will remain eligible while they are unable to operate due to public health restrictions.
Small Business COVID Hardship Fund
A major boost to the Small Business COVID Hardship Fund will increase the grant amount to $20,000 for around 35,000 businesses, and the deadline for applications will be extended. Businesses that have already received a Small Business COVID Hardship Fund grant will receive an automatic top-up payment of $6,000. This program supports businesses that have been ineligible for Victorian Government business support programs since May but have experienced a reduction in revenue of at least 70 per cent.
For more information about the business support programs go to business.vic.gov.au and www.servicesaustralia.gov.au.