Victorian Business Support Fund – Eligibility criteria extended

Last month we shared how the Victorian Government is providing support for businesses affected by the coronavirus pandemic to get to the other side of the crisis by way of $10,000 grants.

The Business Support Fund was originally dedicated to small businesses that do not pay payroll tax and which operate in sectors of the economy that were most directly affected or severely impacted by the mandated shutdowns. Businesses in sectors such as retail, tourism, hospitality, accommodation and the arts were the first to be eligible for $10,000 Business Support Fund grants. With more than $150 million paid out in grants to businesses across the state, the fund has now moved to the second phase of support.

The criteria has been expanded to include businesses who meet the below criteria;

• Employ people; and
• Have a turnover of more than $75,000; and
• Have payroll of less than $650,000; and
• Hold an Australian Business Number (ABN) and have held that ABN at 16 March 2020; and
• Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020, and
• Be enrolled as eligible participants in the Commonwealth Government’s JobKeeper payment scheme.

Businesses who applied for Business Support Fund payments but were initially not eligible based on their sector classification will be contacted by the Department of Jobs, Precincts and Regions and do not have to submit a new application.

Businesses that have not previously applied for a grant due to their sector classification are encouraged to make an application now (applications close 1 June 2020) for the grant on this website.

Please refer here for the full guidelines for this grant, and please feel free speak to one of our accountants on 03 9212 8400 or email tax@hgfin.com.au to discuss your situation further.