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More than 100,000 Victorian businesses will stand to benefit from the additional support, as Melbourne sees its lockdown extended for another week.
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Victoria rolls out renewed business support
13 August 2021
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10 minute read
Victorian Premier Daniel Andrews announced the renewed support on Thursday which will see businesses that were previously eligible for round two of the state’s Business Costs Assistance program and its July extension, along with recipients of the Licensed Hospitality Venue Fund grant, receive automatic support payments.
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The support package, paid for in partnership with the Commonwealth, also includes a “significant” boost to the state’s Small Business COVID Hardship Fund.
The increase will see small businesses with a payroll of up to $10 million that have experienced a 70 per cent or greater reduction in revenue eligible for payments of up to $10,000 under the scheme, up from $5,000, at a cost of $180 million.
The small business fund opened for applications on Thursday, and is expected to support up to 18,000 businesses that have been ineligible for previous support payments.
The Premier’s office suggested that food stores located in shopping centres and manufacturers supplying goods to closed venues are among those who could be eligible for the expanded payment.
Under the Business Costs Assistance Program, more than 95,000 businesses across metropolitan Melbourne are expected to receive automatic payments of $2,800 over the course of the next week, at a cost of $271 million.
The Licensed Hospitality Venue Fund, too, will see some 7,000 eligible businesses receive automatic payments of $5,000, $10,000 and $20,000 — depending on venue capacity — in the “coming weeks”, at a total cost of $55 million.
Venues that have a venue capacity of up to 99 patrons will receive $5,000, while those with capacity limits between 100 and 499 patrons will receive $10,000, and those with capacities of 500 or more will receive payments of $20,000.
The state’s renewed support package also includes the extension of the COVID-19 Disaster Payment to workers across the state who have lost hours as a result of returning lockdown restrictions, along with sole traders who have lost work and don’t qualify for other schemes.
The payment will offer those who have lost between eight and 20 hours a week $450 a week, and $750 a week for those who have lost 20 hours or more. It is being administered through Services Australia.
Victoria’s renewed business support package is set to cost a total of $367 million, on top of the $1.16 billion footed by the state and federal governments over the last fortnight, as the state has grappled with ongoing lockdown restrictions.
Victorian Treasurer Tim Pallas pledged the state’s ongoing support as lockdown restrictions persist.
“As we continue to fight the Delta strain, we are not forgetting the toll that this has taken on our business community,” Mr Pallas said.
“This is a very difficult and challenging time for all Victorians,” Mr Frydenberg added. “Along with the state government, we will continue to support Victorians through the crisis to ensure households and businesses can bounce back from this latest set of restrictions.
“Victorian businesses have shown remarkable resilience during the pandemic. We will continue to stand by them during this crisis with support they need to get through.
“During the most recent lockdowns, the federal government has provided significant economic support delivering more than $245 million of COVID-19 Disaster Payments and, in conjunction with the Victorian government, we are delivering almost $1.2 billon to support small and medium-sized businesses.”
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