THE State and Federal governments have announced a jointly funded support package to assist small and medium businesses who’ve suffered during the recent lockdowns.
The package includes a Small Business Hardship Fund, a Business Continuity Fund, a Licensed Hospitality Venue Fund, and $9.8 million boost for Alpine Business Support.
Prime Minister Scott Morrison said Victorian businesses had borne the brunt of the heavy cost of lockdowns that kept the state and Australia safe.
“Together we can and we will recover from this,” Mr Morrison said.
“Last year, Victoria and our nation faced heavy blows from COVID, but with the right supports in place our economy and businesses came back strongly and a million people returned to work.
“We will continue to do what is necessary to support Victorian businesses as we face the evolving challenges of COVID-19.”
The Premier of Victoria Daniel Andrews said “this package is all about jobs – protecting and growing jobs to support Victoria’s economic recovery".
“With this funding we’ll continue driving jobs and economic recovery here in Victoria, and for the nation," he said.
Five elements make up the support package to help businesses deal with ongoing public health restrictions.
Business Continuity Fund
A $156 million Business Continuity Fund will deliver $5000 grants to around 30,000 businesses that remain impacted by capacity limits due to health restrictions.
24 eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers.
All recipients must have received or been eligible for the previous Business Cost Assistance Program.
Licensed Hospitality Venue Fund 2021
The Licensed Hospitality Venue Fund will receive a $70 million boost, with grants of up to $20,000 available to licensed venues as their operations remain impacted by current restrictions.
To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.
Commercial Tenancy Relief Scheme and Landlord Hardship Fund
This package will deliver $80 million to support landlords that provide rent relief to their tenants.
The Commercial Tenancies Relief Scheme will be reinstated to provide much needed rent relief to small to medium commercial tenants and their landlords – more details to follow on this soon.
Small Business COVID Hardship Fund
An $85 million fund to support small businesses who have not been eligible under existing business support funds.
Small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue will be eligible for grants of up to $5000.
Alpine Business Support Program
Alpine Business Support will receive a further $9.8 million to deliver grants of between $5000 and $20,000 to 430 Alpine based businesses in recognition of restricted inter and intra-state travel during the peak winter season.
The funding also includes an additional $5 million support to alpine resort operators and management boards.
Treasurer Josh Frydenberg said the Morrison Government supported Victorians during the crisis and will continue to support them to the end of this crisis.
“Having battled five lockdowns Victorian businesses have been among the hardest hit in the nation,” he said.
“No amount of support can make up for what business owners have experienced over the last year and a half, but this latest package will support them as they re-open after this latest lockdown.”