NEW BUSINESS SUPPORT PACKAGE

SECOND WAVE COVID-19 BRINGS A SECOND WAVE OF STIMULUS FUNDS FOR VICTORIAN BUSINESSES

Here we go again with grant applications, reports and keeping up with tight deadlines that only those with their books in order, can relax since they are fully compliant and just needing to register their interest. Tradies Bookkeeping .Com clients are automatically taken care of with their personal account manager keeping an eye on things and getting in touch to guide you through the process.

Since the second Victorian lock down, another $534 million worth in Business Support Package has been provided to support Victorian businesses and workers. Not much has changed for those who have received the first instalment except for a quick form to be filled with Business Victoria to register interest. Links for each of the programs available has been provided below, or just jump on the Business Victoria website for more information.

Those who haven't automatically received the CashFlow Boost can still follow up on the status of their application if they have lodged before the 1st July 2020.

The new stimulus package will include:

An expanded Business Support Fund for a further $5,000 grant. This grant was made available to the 12 postcodes linked to outbreaks but will now apply to all areas under Stage 3 Restrictions.
A $30 million dedicated fund for Victoria’s hospitality industry.
$26 million in mental health support to Victorian small businesses.
A $10 million business mentoring program, pairing small business owners with experienced professionals.
A $40 million capped fund for regional tourism businesses to cover the costs of refunds.
A $20 million fund to support small business in Melbourne’s CBD.

Further, tax deferral has been extended for payroll tax with eligible businesses with payrolls up to $10 million being able to defer their liabilities for the first half of the 2020/21 financial year. Below I have reproduced the links to the individual programs or jump to the Business Victoria website for the original links. You will need to visit each of the individual program pages linked below to register separately.

Business Support Fund - ONGOING - The expanded Business Support Fund of 2 x $10,000 has been increased a further $5,000. Register your interest here.

Regional Tourism Support Program - ONGOING - The new Regional Tourism Support Program will provide $40 million for regional tourism businesses to cover the costs of refunds. Register your interest here.

CBD Business Support Fund - ONGOING - $20 million CBD Business Support Fund to help small businesses in Melbourne’s CBD. Register your interest here.

Night-time economy support program - ONGOING - The Victorian Government has launched a $30 million dedicated fund for the hardest hit businesses in hospitality. Register your interest here. Register your interest here. Updates on the ATO Website on the 9th July 2020, confirms that:

- If you received the initial cash flow boosts as part of the government’s COVID-19 economic stimulus measures, the next rounds of cash flow boosts will be automatic when your activity statements for each monthly or quarterly period from June to September 2020 is lodged.

So... fill out the form with Business Victoria and lodge your BAS

Further information can be found by calling the Business Victoria coronavirus hotline on 13 22 15 or Contact Us to be assigned an Account Manager that will ensure you are kept up to date with deadlines and guided through the process. Please do not hesitate to call if you need any help.