Newsletter - Special August Edition

Small Business COVID Hardship Fund

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Cents & Sensibility | Tax News | Views | Clues 

 

17 August

Small Business COVID Hardship Fund

 

The Victorian Government announced several cash grants for small to medium sized businesses impacted by the lockdown.

 

The most recent measure introduced is the small business COVID hardship fund to provide grants of up to $10,000 provided a decline in turnover of at least 70%.

 

The fund is aimed at supporting businesses who have not been able eligible for support from other existing business support measures previously introduced.

 

Eligibility

 

To be eligible your business will need to satisfy all the conditions listed below:

 

  • located in Victoria;
  • an annual Victorian payroll of up to $10 million in 2019-2020 on an ungrouped basis;
  • demonstrate a reduction in turnover of at least 70% since 27 May 2021 for a minimum consecutive two-week period comparable to a benchmark period in 2019.  Evidence of this turnover needs to be attested by a qualified tax agent;
  • have been registered for GST on and from 28 July 2021;
  • hold an Australian Business Number (ABN) and held that ABN at 28 July 2021;
  • be registered with the Federal or State Regulator such as ASIC, ACNC (non-for profits) or Consumer Affairs Victoria.

 

Employing businesses must also:

 

  • be registered with WorkSafe Victoria; and
  • attest that the business is supporting its workers to access any paid leave entitlements or if a person can work from home, to work from home during the COVID-19 restrictions and supporting their casual workers where possible.

 

Other eligibility requirements

 

  • your business must not have received any funding from any of the Victorian Support Packages launched on or after 27 May 2019.

 

Applications close- Friday 10 September 2021

How to apply?

 

You can apply directly as a business owner and will need your application verified by us with the template supplied by Business Victoria or we can apply on your behalf.

 

Please contact your knp team to help you confirm your eligibility and complete your application.

 

For more information, please refer to the link below:

 

https://business.vic.gov.au/grants-and-programs/small-business-covid-hardship-fund 

 

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