The Small Business COVID Hardship Fund closes this Friday

The Victorian Government’s Small Business COVID Hardship Fund closes this Friday 10th September. See below details from my previous newsletter outlining the grant.

This fund is designed to assist eligible businesses severely impacted by COVID restrictions between 27 May 2021 and August 2021, and unable to access other key COVID-19 grant programs.

As stated above applications will close on 10 September 2021 or earlier if total funds are exhausted. So if you are eligible, we recommending submitting your application as soon as possible.

The program offers grants of up to $20,000 (increased from $10,000) to eligible small and medium businesses, including employing and non-employing businesses.

Eligibility

To be eligible, businesses must:

• be located within Victoria

• as a direct consequence of COVID-19 restrictions since 27 May 2021 have experienced a reduction in turnover of at least 70% for a minimum consecutive two-week period comparable to a benchmark period in 2019.

• Businesses should compare their best consecutive two-week trading period between 27 May and 10 September 2019, with their worst consecutive two-week trading period between 27 May and 10 September 2021. There are separate rules if your business was not operating in 2019

• have an annual Victorian payroll of up to $10 million in 2019-20 on an ungrouped basis

• have been registered for Goods and Services Tax (GST) on and from 28 July 2021

• hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021

• be registered with the responsible Federal or State regulator.

Employing businesses must also:

• be registered with WorkSafe Victoria

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

Impact of other grants:

• Businesses that have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021 are not eligible for a grant under this program.

• Businesses that have received assistance through the Business Support Fund, payroll tax rebate/waiver, or another COVID-19 program launched prior to 27 May 2021 may apply for assistance under this program.

Businesses should ensure that all relevant registrations are up to date before applying for a grant under this program.


Applying for the Grant

If you meet the eligibility criteria above, you can apply for the fund directly via the Business Victoria website. As stated above, applications close on 10th September or when Government Funds are exhausted so get in quick.

As always, please do not hesitate to contact our office if you would like assistance in assessing your eligibility or submitting your application.