As restrictions in Victoria start to ease, the Victorian government has announced support for small and medium-sized businesses that have been seriously impacted during the coronavirus (COVID-19) pandemic.
The following additional cash grants for Victorian businesses:
- The third round of the Business Support Fund to provide up to $20,000 in grants for businesses with a payroll of up to $10 million per annum.
- Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location.
- A competitive grants program to support metropolitan and regional business chambers and trader groups.
- Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
- Grants to help hospitality businesses adapt to increased outdoor dining.
Waivers and deferrals
The following additional tax and cashflow support:
- Deferral of payroll tax for the full 2020-21 financial year.
- 50% stamp duty discount for commercial and industrial property for Regional Victoria.
- Deferral of the planned increase in the landfill levy for six months
- Waiver of 25% of the Congestion Levy, with the outstanding balance to be deferred.
- Liquor license fee to be waived for 2021.
- Vacant Residential Land Tax to be waived for 2020.
Tools and resources
Additional funding, tools and resources to help businesses adapt and prepare for reopening, specifically:
- $20 million voucher program to assist sole traders and small businesses in building their digital capability, including access to cloud services such as e-commerce platform Shopify or online payment facility Square.
- $15.7 million package to help Victorian exporters get their products to market and establish new trade channels.
- $8.5 million expansion to the 'Click for Vic' campaign to encourage more Victorians to support local businesses.
In addition, today the Victorian government announced further support measures for sole traders and the City of Melbourne.
Grants of up to $3,000 will be available to eligible traders as part of a $100 million support package. Around 33,000 sole traders are expected to benefit across sectors such as accommodation and tourism, some retail, media and film production, gyms, creative studios, outdoor entertainment, private museums and galleries.
Melbourne city recovery fund
Funding will also be available to run events and cultural activities safely, offering a much-needed assistance to Melbourne's arts community. $100 million city recovery fund, jointly funded by the City of Melbourne, will offer practical support to small and medium-sized business, and the arts and cultural community.
CP will continue to monitor these announcements diligently and provide relevant and timely updates. If you have further questions about your eligibility to access the above, please call to discuss your specific circumstances.
The Team at CP.