Author: Tony Rule, Partner, TAG Financial Services
On Sunday, the Victorian Government announced funding assistance for those businesses affected by the COVID-19 7 Day Circuit Breaker restrictions announced on Thursday, 27 May 2021.
Whilst any assistance for business owners suffering through this circuit breaker lockdown is a good thing, it is disappointing that the State and Federal Governments were not able to work together to get a better result for businesses in need. Instead it would appear that this very important issue has been used as an opportunity to play party politics rather than focusing on getting a result.
Here’s a summary of the Victorian Government Assistance:
The $250 million support package is targeted to those businesses that are unable to operate due to the restrictions and includes:
- $190m to extend the Business Costs Assistance Program,
- $40m to assist Licensed Hospitality Venues, and
- $20m to support the events industry.
Business Cost Assistance Program
This program provides $2,500 grants to eligible businesses in industries that cannot operate under the Circuit Breaker restrictions and who cannot work remotely. Affected industries include creative arts, entertainment, non-essential retail, beauty & personal care, personal trainers & gyms, restaurants and tourism.
Licensed Hospitality Venues
Each business holding an eligible liquor license and food certificate will be eligible for a $3,500 grant for each premise that they operate.
Victorian Events Support Package
The Events Support Package is to provide financial assistance to participants in the events industry who have incurred losses due to the circuit breaker restrictions. At this stage there is no dollar amount specified for each recipient and it is unclear whether there will be an equal payment amount to each claimant or whether the size of the loss will determine the level of support.
How to Apply
Applications for these grants can be made from Wednesday, 2 June 2021 and will be open for three weeks. You can register your details to be kept informed on when and how to apply for the grants here. Once registered, you will receive an email with further information this week.
If you have any queries or need assistance to access the various grants, please contact your TAG advisor on 9886 0800 or via email.
What should you do now?
Meet with us
If you would like to discuss the future of your business further, contact us to arrange a time.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2021. Please do not reproduce without the expressed written consent of the author.