Financial Support for Victorian Small-Medium Businesses
Yesterday the Victorian State Government announced a $367 million fund, backed also by the Commonwealth Government, which is to be allocated to a number of different support packages. You can find full details on the announcement here, or click on the titles of the individual funds below for eligibility and application details. We understand that the constant lockdowns have been devastating for many small-medium sized businesses and sole traders across Victoria, which is why it’s important that you’re aware there’s help available. Small Business COVID Hardship Fund. There is $180 million allocated towards this fund, which will provide up to 18,000 small and medium sized businesses across the state with grants of $10,000 provided they meet the following criteria:
- Business operations have been severely impacted from the 27th of May 2021 onwards.
- The business has experienced at least a 70% reduction in turnover in this period due to lockdown restrictions.
- They have been ineligible for other key COVID-19 Victorian Government business grant programs that have been announced since 27 May 2021.
- Have an annual payroll of up to $10 million.
- Have been registered for GST and held an ABN since at least 28 July 2021.
Applications are open now and will close on the 10th of September 2021, unless funds are exhausted sooner. Make sure to get in quick! COVID-19 Disaster Payments. If you have lost work due to recent lockdowns, you may be eligible for the Commonwealth Government’s Disaster Payments. For those not on Centrelink, the payments for the period of 6th of August to 12th of August were:
- $450 if you lost under 20 hours of work.
- $750 if you lost over 20 hours of work.
Business Costs Assistance Program. More than 95,000 businesses in multiple sectors across the state will automatically receive payments of $2,800 to assist them with paying overheads and for other necessities. Small Business Digital Adaptation Program.
The SBDAP allows small businesses in Victoria the opportunity to receive a $1200 rebate to use on a number of digital solutions, including Trade Trak. As the first run of the program was so successful, it's been extended and due to begin again on the 16th of August, until the 5th of December. This is available to new and existing customers of Trade Trak.You can find out more information on Trade Trak’s involvement here.
One of the greatest benefits of Trak is that you have no monthly fee commitment, as we operate on a pay as you use model. This means that if you are experiencing loss of work during periods of lockdown, you have no obligation to pay. If you have a subscription to one of our quotes or reports add-ons, you can cancel and restart these as needed on your Subscription Settings page, so you can continue to work on your current jobs at no cost to your business, and begin creating more jobs once your industry has reopened. If you have any questions about Trade Trak, feel free to reach out to us here, or by emailing firstname.lastname@example.org.