Your business may qualify: Criteria expanded for Victoria’s $10,000 business support grants

The Victorian government has expanded the entry criteria for its $10,000 business support fund grants in a bid to assist more businesses during COVID-19.

The Victorian Government’s economic survival package is providing businesses with one-off grants of $10,000 to help get through the economic downturn caused by the coronavirus pandemic.

The business support fund grants were initially provided to businesses in the hardest hit sectors throughout the state, such as hospitality, health and beauty, tourism, and retail.

However, the program has now been extended to eligible businesses that are participating in the federal government’s JobKeeper wage subsidy program, regardless of the sector that they operate in.

Business eligibility for Victorian business support grants

To apply for a support grant now, businesses must:

• Employ people; and
• Have an annual turnover of more than $75,000; and
• Have an annual payroll of less than $650,000; and
• Hold an Australian Business Number (ABN) and have held that ABN at March 16, 2020 (date of the state of emergency declaration); and
• Have been engaged in carrying out the operation of the business in Victoria on March 16, 2020; and
• Either:
  • Operate in an industry sector that has been subject to closure or highly impacted by shutdown restrictions announced by the Victorian government; or
  • Be enrolled as eligible participants in the federal government’s JobKeeper payment scheme.

Businesses looking to apply should note that they will need to provide a copy of their most recent Business Activity Statement (BAS).

If you’re looking to apply via the JobKeeper route, you will need to provide your business’ JobKeeper Payment scheme registration number too.

The deadline for the business support grant program is Monday, June 1, 2020.

Businesses can find more information about program here, and start their application here.

Speak to the experts

If your business needs assistance with support grants or general business advisory services, the trusted team at LDB can help.

There are a number of ways LDB can help your business through the COVID-19 crisis, including tax and compliance, superannuation, wealth management, and more.

If you need help understanding the various business support payments and what they mean for your specific situation, give us a call on (03) 9875 2900 or send us a message via the contact form below.