Further to the Federal Government Stimulus packages, the Victorian Government has launched a $500 million Business Support Fund.
This fund has been setup to help small businesses survive the impacts of the Coronavirus pandemic and to also keep people in a job.
The potential value of the grant is $10,000 per business and will be allocated through a grant process.
The following information has been taken from the Business Support Fund Application page where you can begin the application process. If you would like further information or would like assistance with applying for this grant please feel free to contact us.
Who is Eligible?
You are an eligible business if you meet the following criteria:
- Have been subject to closure or highly impacted by Non-Essential Activity Directions issued by the Deputy Chief Health Officer to-date; and
- Employ people; and
- Have a turnover of more than $75,000; and
- Have payroll of less than $650,000; and
- Hold an Australian Business Number (ABN) and held that ABN at 16 March 2020 (when the State of Emergency was declared); and
- Have been engaged in carrying out the operation of the business in the Australian State of Victoria on 16 March 2020.
How can the funding be used?
Examples of what the grant funding could be used for include:
- Meeting business costs, including utilities, salaries, 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.
What evidence of eligibility and compliance is required?
- Applicants will be subject to audit by the Victorian Government or its representatives and will be required to produce evidence, such as payroll reports to demonstrate impact, at the request of the Victorian Government for a period of four years after the grant has been approved.
- If any information in the application is found to be false or misleading, or grants are not applied for the purposes stated in the terms of funding and application, the grant will be repayable on demand.