If your business has experienced a 30-70% (or higher) reduction in turnover or employees on reduced hours as a result of the pandemic, you may be eligible for COVID support programs. Check out our summary below.
Small Business COVID Hardship Fund
An additional $54 million will be added to the Small Business COVID Hardship Fund announced last week, allowing grants of up to $8000 to be paid to small businesses that are not eligible for support under existing programs and have experienced a 70% reduction in turnover.
Applications open soon.
COVID-19 Disaster Payments
Eligible workers 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.
More information about these payments will be available at Services Australia.
Rent Relief for Commercial Tenants
In addition to the above, the Victorian Government announced businesses that have experienced a loss in turnover of more than 30% during the pandemic are now guaranteed to receive rent reductions through the Commercial Tenancy Relief Scheme, while separate support will be provided to landlords.
Tenants and landlords can contact the Victorian Small Business Commission for more information on 13 87 22.
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