Government unveils another $400 million business support package
The government has unveiled yet another business support package to help Victorians cope with the financial strain of COVID-19 lockdowns.
$400 million will be made available, with automatic payments expected to go to almost 100,000 businesses.
The package will be funded by both the Victorian and Australian governments.
“We are very grateful for that support,” Victorian Minister for Industry Support and Recovery Martin Pakula said on Friday.
The government said five key elements make up the support package to help businesses deal with ongoing public health restrictions.
COVID-19 Disaster Payments
Eligible workers across the state who lose hours due to the lockdown will be eligible for support through the Commonwealth’s COVID-19 Disaster Payment, as will businesses that do not qualify for Victorian Government support programs because they are not registered for GST.
The COVID-19 Disaster Payment payments will be administered through Services Australia, with Victoria assuming responsibility to fund payments in areas that have not been declared a hotspot by the Commonwealth.
Business Costs Assistance Program
Under the new State-Commonwealth business support package confirmed today, more than 90,000 businesses will be automatically paid a Business Costs Assistance Program Round Three grant of $2,800 – an allocation of $266 million.
Licensed Hospitality Venue Fund
New payments of $5,000 to $20,000 will be made to more than 8,900 hospitality venues across Victoria that received funding support from the Licensed Hospitality Venue Fund through the May/June and July lockdowns. Payments will be automatic and graded by venue capacity to a total of $68.8 million.
Alpine Business Support Program
Alpine businesses will receive between $5,000 (off-mountain) and $20,000 (employing businesses, on mountain) under a $10.6 million extension of the Alpine Business Support Program.
Small Business COVID Hardship Fund
Some $54 million will be added to the Small Business COVID Hardship Fund announced last week, allowing grants of up to $8,000 to be paid to small businesses that are not eligible for support under existing programs and have experienced a 70 per cent reduction in turnover.
More information about the Business Costs Assistance Program, the Licensed Hospitality Venue Fund, the Alpine Business Support Program and the Small Business COVID Hardship Fund will be available at business.vic.gov.au.