Victorian government unveils $534 million small business support package

The Victorian government has revealed a business support package of over half a billion dollars to address the expected economic damage of the recent six-week lockdown in the state.

This stimulus package includes:

  • cash grants of $5,000 for more than 80,000 eligible businesses as part of the government’s expanded Business Support Fund
  • a $20 million CBD Business Support Fund for small businesses in Melbourne’s Central Business District
  • a $26 million investment in mental health support aimed at business owners
  • a $10 million business mentoring program, pairing small business owners with experienced professionals who can help them navigate their way through the crisis
  • a $40 million capped fund for regional tourism operators to cover the costs of refunds as well as marketing campaigns to boost region to region visitation while Melbourne is in lockdown. Eligible operators will also be able to claim up to $225 per night for up to five nights for each and every room cancelled due to the restrictions provided they refund the booking in full
  • a dedicated fund of $30 million for the worst-hit businesses in hospitality and the state’s night-time economy
  • affected businesses with payrolls up to $10 million can defer their tax liabilities for the first half of the 2020/2021 financial year

The $5,000 cash grant was previously only offered to businesses located within specific suburbs; however this has now been extended to all businesses operating across metro Melbourne and Mitchell Shire, which have been affected by the return to Stage 3 Stay at Home restrictions.

Businesses can register their interest for the Expanded Business Support Fund here.

Please note that the application process and eligibility criteria for these grants are yet to be announced. In the meantime, if you have any questions please contact the Prime Accounting and Business Advisory team in Victoria via the following contact details:

Matt Murphy – mattm@primefinancial.com.au
Brendan Brown – brendanb@primefinancial.com.au
Simone Quin – simoneq@primefinancial.com.au
Paul Minieri – paulm@primefinancial.com.au
Jade Nicholls – jaden@primefinancial.com.au
Stuart Thomson – stuartt@primefinancial.com.au

This post is provided by Prime Accounting and Business Advisory Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation. This post is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this post. All information is subject to change without notice. We and each party providing material displayed in this post disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of information or material in this post. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.

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