Business support package

The Victorian Government has launched a new $534 million Business Support Package, providing more support to help businesses and workers through to the other side of the coronavirus pandemic.

The new package includes:

• The expanded Business Support Fund providing more than 80,000 eligible businesses with a new $5,000 grant to support them through the renewed restrictions. This grant was previously made available to the 2 postcodes linked to outbreaks. It will now apply to all areas under Stage 3 restrictions.
• $30 million dedicated fund for Victoria’s night-time economy to support the hardest hit businesses in hospitality.
• $26 million in mental health support will ensure Victorians dealing with the compounding challenges of running a small business can get the support they need as they navigate their way through the crisis.
• A $10 million business mentoring program, pairing small business owners with experienced professionals who can help them navigate their way through the crisis.
• A $40 million capped fund for regional tourism businesses to cover the costs of refunds, as well as marketing campaigns to boost region to region visitation while Melbourne is locked down. Eligible operators will be able to claim up to $225 per night for up to five nights for each and every room cancelled due to the return of Stage 3 restrictions, provided they refund the booking in full.
• A $20 million fund to support small businesses in Melbourne’s CBD that are faced with a large and sustained shock to their trading environments.

Businesses will also benefit from an extended and expanded payroll tax deferral. Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year.

Further details available here.