State Government launches Business Support Fund

APR 2020
07

The Victorian Government has launched a $500 million Business Support Fund to support small businesses in the sectors hit hardest by the COVID-19 pandemic.

The Business Support Fund VIC aims to help businesses in the hardest hit sectors, by providing them with funding to help them survive and keep their employees in work. This funding is specifically for small Victorian businesses that have been subject to closure or are highly impacted by Victoria's shutdown restrictions announced to date, or for businesses that have enrolled as eligible participants in the Federal Governments JobKeeper payment scheme. 

The sectors subject to closure or highly impacted by shutdown restrictions to date include:

  • Restaurant and cafes
  • Recreation facilities
  • Entertainment venues
  • Pubs and bars
  • Accommodation
  • Arts and entertainment
  • Non-essential retail

However, if you are a small business that has been highly impacted by the restrictions, you should still apply as you could be eligible. 

Applications for this funding are open immediately and will close on 1 June 2020. Businesses can apply for a one-off grant of $10,000 via this link

Eligibility

Small businesses are eligible to apply for this funding via two streams.

Businesses are eligible via Stream One if they:

  • Employ staff
  • Have a turnover of more than $75,000
  • Have payroll of less than $650,000
  • Hold an Australian business number (ABN) and held that number at 16 March 2020 when the State of Emergency was declared
  • Have been subject to closure or are highly impacted by Victoria’s shutdown restrictions announced to date

Or are eligible via Stream Two if they:

  • Employ staff
  • Have a turnover of more than $75,000
  • Have payroll of less than $650,000
  • Hold an Australian business number (ABN) and held that number at 16 March 2020 when the State of Emergency was declared
  • Are enrolled as eligible participants in the JobKeeper payment scheme

Please note that you must be able to provide evidence that you meet the above criteria, this will include providing a BAS or bank statements to prove your annual turnover of more than $75,000. If you require assistance with preparing your BAS, please contact Bizally at enquiries@bizally.com.au

How do I know if I meet the eligibility criteria?

If you are unsure of your eligibility or if you should apply, please contact Bizally to discuss your eligibilty. 

You can also call Business Victoria on 13 22 15 for further assistance, or complete an application form online at Business Victoria  

What should these funds be used for?

It is expected that funds be spent on business activities and costs, including:

  • Utilities, salaries and rent
  • Seeking financial, legal or other advice to support business continuity planning
  • Developing the business through marketing and communications activities
  • Other supporting activities related to the operation of the business

How do I apply?

Bizally is here to help with your application and we are happy to do this on your behalf. Please contact us on (03) 9887 9144 or at enquiries@bizally.com.au

You can also apply via Business Victoria using this link