Business Support Payments – updated

Last Updated: 11 October 2021

With the Victorian government’s easing of restrictions, there are the government support packages still available to affected businesses.

Here is an update of the key payments available.

Business Costs Assistance Program Round 4 – Construction Industry

The Business Costs Assistance Program Round Four – Construction, provides one-off payments to eligible employing and non-employing businesses in the construction sector that operate in limited local government areas. Business must have incurred direct costs because of the health restrictions in place between 21 September – 4 October. Payments of up to $8400 will be made available to eligible businesses based on payroll size. Opening: mid-October 2022

More information please visit Business Costs Assistance Program Round Four – Construction.

Impacted Public Events Support Program – Round 2

The Impacted Public Events Support Program Round 2 will deliver grants of $25,000 to organisers of Tier 1 and Tier 2 events under the Public Events Framework that are approved or registered to take place between 11:59pm on 24 June 2021 and 11:59pm on 23 September 2021. Closes: 26 Oct 2021

Commercial Tenancy Relief Scheme

Small to medium commercial tenants with an annual turnover under $50 million and a demonstrated decline in turnover of at least 30% due to the impact of COVID-19, can get support to reach an agreement on rent relief. Closes: 15 Jan 2022

Small Business Digital Adaption Program

This program provides $1200 rebates so small businesses can access a range of digital business tools, for example: build or upgrade your website, improve your cash flow, start online marketing, manage your jobs and projects, or keep better track of stock. Closes: 5 Dec 2021

SME Recovery Loan Scheme

The Federal Government’s SME Recovery Loan Scheme is designed to support the economic recovery, and to provide continued assistance to SMEs that are dealing with the economic impacts of the coronavirus crisis. It allows lenders to provide cheaper credit to SMEs who otherwise would not be able to get access to additional funding, giving them increase ability to survive the impacts of the pandemic. Eligible SMEs can borrow up to $5 million over a term of up to 10 years. Closes: 31 December 2021.

COVIDSafe Deep Cleaning Rebate

The COVIDSafe Deep Cleaning Rebate is available for small and medium-sized businesses, where anyone suspected or confirmed to have coronavirus (COVID-19) has been on the premises or worksite when they may have been infectious. The rebate will cover up to 80 per cent of the cleaning costs at each worksite, capped at a grant of $10,000 (for a total cleaning cost of $12,500).

Commercial Landlord Hardship Fund 3

The Commercial Landlord Hardship Fund 3 provides grants to eligible small landlords who experience hardship as a result of waiving rent for their tenant(s) between 28 July 2021 and 15 January 2022 under the Commercial Tenancy Relief Scheme. Closes: 15 Jan 2022

Commercial Tenancy Relief Scheme

The Scheme will help small and medium-sized businesses with an annual turnover of less than $50 million that have experienced a fall in turnover of more than 30 per cent during the coronavirus (COVID-19) pandemic. Under the Scheme, the Victorian Small Business Commission (VSBC) is supporting tenants and landlords by providing information to assist with negotiating a rent relief agreement. Eligible business owners can obtain relief in the form of a proportionate reduction in rent.

There is also a freeze on rent increases and evictions for non-payment of rent until 15 January 2022 for eligible tenants.

For more information, please visit the Victorian government website.

If you have any queries or need assistance to access the various grants, please contact your TAG advisor on 9886 0800 or via email.

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.