With the number of new COVID-19 cases declining, the light at the end of the tunnel is beginning to appear. However the extensive and continued lockdowns have hit businesses hard, especially in Melbourne where most businesses are still subject to strict stage four lockdowns.
In light of this, there have been extensions to existing state and federal government grants and a few notable new grants announced.
Following the recent release of the detailed rules, we now have a certain amount of clarity for the fast approaching JobKeeper extension or V2.0. There are a few key changes to make note of regarding separate JobKeeper periods, payment rates and the calculation of the decline in turnover test.
A short overview of these changes are outlined in the video below.
A PDF version of the presentation is available here – Jobkeeper V2
Over the coming days we will be releasing further information on how we can assist you and your business manage the process.
Business Victoria – Business Support Fund (Third Round)
Earlier this week the Victorian State Government announced a further round of grants available to businesses subject to lockdown restrictions.
There are three levels of funding available to eligible businesses based on annual payroll expenses. These are;
- $10,000 for businesses with annual payroll below $650,000
- $15,000 for businesses with annual payroll between $650,000 and $3 million
- $20,000 for businesses with annual payroll between $3 million and $10 million.
Eligibility criteria appears to be largely the same as the second round, except for one key difference.
To qualify, businesses must operate in an industry sector that is Restricted, Heavily Restricted or Closed and for which restrictions are not easing between the First and Second Steps in the Victorian Governments “How we Work” roadmaps.
Further information, including a full list of eligible sectors can be found here.
If you would like assistance with applying for this, please make contact with your regular accountant at CHN Partners.
Local Council Grants
Certain local councils are also providing support through various council and/or industry specific grants. While eligibility and grant amounts vary we encourage you to visit your council’s website for further information.
Facebook Business Grants
As strange as it sounds, Facebook are offering grants to small businesses in Sydney and Melbourne. Applications are only open for a very short window, ending on 22nd September 2020. With grants being a combination of both cash ($4,000) and ad credits ($2,400) if your business has been affected by COVID-19 disruptions we would encourage you to review the eligibility criteria and apply where appropriate.
More information can be found here.
With the distributions and lockdowns faced by businesses across Australia, many Australians are feeling overwhelmed with juggling running businesses, potentially being stuck at home and a general sense of isolation. Beyond Blue have some amazing resources and are available over the internet at beyondblue.org.au or on 1800 512 348.
If you have any questions feel free to contact our office on 03 9870 1300.