Extended Support for Victorian Businesses
On Saturday 4 September, the Victorian government announced a jointly-funded support package with the Commonwealth. It provides a critical four-week boost to small and medium sized Victorian businesses impacted by the current public health lockdown.
The package covers the four-week period leading up to 30 September by which time it is anticipated that 70% of the State’s adult population will be at least partly vaccinated, triggering a loosening of restrictions.
The vast bulk of the payments will be deposited into business bank accounts, while a new tiered payments system for the Business Costs Assistance Program will provide higher payments to businesses with more workers.
Depending on payroll size, the tiered payment amounts will be $2,800, $5,600, and $8,400 per week over September.
In other funding boosts:
Eligible cafés, restaurants, and bars will continue to receive Licensed Hospitality Venue Fund payments of between $5,000 and $20,000 per week.
The Small Business Hardship Fund will pay increased grants of $20,000 for an estimated 35,000 businesses. The deadline for applications will also be extended.
An Alpine Support Package will be paid to ski resorts throughout the remainder of the season and including the upcoming school holidays which will see top-up payments of between $10,000 and $40,000 depending on location and whether staff are employed.
All told, the joint Commonwealth and state package comes to $4.3 billion, helping to ensure Victorian businesses can remain viable throughout the remainder of the lockdown.
We anticipate that more details will be released in the coming days.
(Australian Bookkeepers Network)