The Victorian Government has announced a huge new support package that will invest $3 billion to help businesses impacted by ongoing Covid restrictions.
The support package is aimed at businesses that have been most affected by restrictions and will deliver cash grants, tax relief and cash flow support to help businesses survive and keep people in jobs.
The package will target the following areas:
- Small and medium sized business ($822 million): The third round of the Business Support Fund will provide up to $20,000 for business with a payroll of up to $10 million
- Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location
- Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups, and
- Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under COVID normal settings.
- $20 million voucher program to assist sole traders and small businesses in building their digital capability
- $15.7 million package to help Victorian exporters get their products to market and establish new trade channels, and
- $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses.
Waivers and deferrals
The Government is also providing $1.8 billion in tax and cashflow support.
- $1.7 billion in payroll tax deferrals for the full 2020-21 financial year
- $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred
- $27 million in liquor license fee waivers for 2021, and
- $6 million to waive Vacant Residential Land Tax for vacancies in 2020.
Full details are available on the Business Survival and Adaptation Package page or by calling the Business Victoria coronavirus hotline on 13 22 15.
Details of other Victoria Covid support initiatives can be found in our earlier blogs: