Access to the Victorian Business Support Fund $10,000 Grants have been Expanded

The Victorian Business Support Fund is dedicated to small businesses that do not pay payroll tax and which operate in those sectors of the economy that have been directly or severely impacted by the trading restrictions arising as a result of the COVID-19 pandemic.

During the first phase, businesses in sectors such as retail, tourism, hospitality, accommodation and the arts were eligible for $10,000 Victorian Business Support Fund grants.

After more than $150 million already being paid out in grants to businesses across Victoria, the Business Support Fund will now move to the second phase of support.

Phase Two Explained

The eligibility criteria will be expanded to include businesses with a wages bill less than the payroll tax threshold (of $650,000) who are participating in the JobKeeper Payment scheme, regardless of the sector they operate in.  Eligibility for the fund will not be expanded to include sole traders, who are covered by the JobKeeper Payment scheme.

We note that the Business Support Fund is targeted at small businesses that may not be eligible for 2019-20 refunds and waiving of payroll tax, which applies to businesses with wages bills of $650,000 or above.

Businesses who have previously applied for Business Support Fund payments, but were initially not eligible based on their sector classification, will be contacted by the Department of Jobs, Precincts and Regions and do not have to submit a new application.

Businesses that have not previously applied for a grant due to their sector classification, are encouraged to make an application for a grant online at: www.business.vic.gov.au

Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.