Another week, another lockdown.
With our 5th lockdown well under way, the Victorian Government has announced new financial support for those most affected by restrictions. About 90,000 business and sole traders will be eligible for assistance. Here is a summary of the key payments available.
Licensed Hospitality Venue Fund recipients will receive $4200 on top of the $3000 announced at the start of the lockdown.
Business Costs Assistance Program
The Business Costs Assistance Program will also increase from $2000 to $4800.
For both the above programs, businesses and sole traders that received support during the fourth lockdown last month will automatically receive the funds via their bank account. Those who were ineligible, or did not apply, for the support during the lockdowns in May or June but are now eligible, should apply.
In addition to the above support, new support streams are available to businesses further affected by the current lockdown. These include:
Micro-businesses that earn less than $75,000 annually are also eligible to apply for the payment applying to employees who have lost work. The majority of micro-businesses not registered for GST will be eligible for individuals who have lost between 8 and 20 hours of work are eligible for a $375 payment, which rises to $600 for those who lost 20 hours or more of work.
Alpine hospitality, retail and accommodation businesses who were previously eligible for grants of up to $15,000 will receive an extra $3000 if affected by the lockdown.
Public Events & Performances
Eligible public events and public events suppliers affected by the lockdown will receive support of up to $25,000 and $10,000 respectively. There is also a new round of the Live Performance Support programs, with funding of up to $7,000 for presenters and up to $2,000 for suppliers.
A new round of the Sporting Clubs Grants Program will provide $2,000 grants for community sport and active recreation organisations for events that have been unable to proceed or will have to be cancelled or postponed.
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.