Extended Support for Victorian Businesses

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)

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