Aug 21, 2021 Matthew Hung
Small Business COVID Hardship Fund – Now Enhanced
Late last week the Victorian Government announced an increase in funding for the Small Business COVID Hardship Fund, increasing the amount of the grant from $10,000 to $14,000. This is a grant for Victorian businesses that have been adversely affected by measures to combat the spread of COVID, and unlike earlier grants, access is not limited to specified industries.
Applications for the program are open and will remain open until program funds are exhausted or 11.59 pm Friday 10th September 2021, whichever is earlier.
Businesses that have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021 are not eligible for a grant under this program.
To be eligible, businesses must:
- be located within Victoria
- as a direct consequence of COVID-19 restrictions since 27 May 2021 have experienced a reduction in turnover of at least 70% for a minimum consecutive two-week period comparable to a benchmark period in 2019
- have an annual Victorian payroll of up to $10 million in 2019-20 on an ungrouped basis
- have been registered for Goods and Services Tax (GST) on and from 28 July 2021
- hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021
- be registered with the responsible Federal or State regulator.
Employing businesses must also:
- be registered with WorkSafe Victoria
- attest that the business is supporting its workers to access any paid leave entitlements, or that if a person can work from home, to work from home during the COVID-19 restrictions, and supporting their casual workers, where possible.
In addition, a business must demonstrate that as a direct consequence of COVID-19 restrictions since 27 May 2021 (the “Impacted Period”), they have experienced a reduction in turnover of at least 70% for a minimum consecutive two-week period, comparable to a “Benchmark Period” in 2019. Such assessment will need to be supported by a statement from a Qualified Agent” (essentially the accountant).
RDL is also available to assist you. We are just a call or email away.