COVID Support Package Update
The Government have increased the weekly payments from the week beginning 6th August 2021 to $450 per week if you have lost between 8 hours to 20 hours of work per week and $750 per week if you have lost 20 hours or more per week.
This has increased from $375 per week & $600 per week respectively.
Both the Business Cost Assistance Program and Licensed Hospitality Venue Fund has now closed. The application close date was Friday 13th August.
The Small Business COVID Hardship Fund applications have now opened. This fund has been established to support small businesses that have not been eligible under the Business Cost Assistance Program and Licensed Hospitality Venue Fund support measures. Eligible businesses will receive a grant of $10,000 and be eligible; businesses must:
be in Victoria
as a direct consequence of COVID-19 restrictions since 27th May 2021 have experienced a reduction in turnover of at least 70% for a minimum consecutive two-week period comparable to a benchmark period in 2019
have an annual Victorian payroll of up to $10 million in 2019-20 on an ungrouped basis
have been registered for GST on and from 28th July 2021
hold an ABN and have held that ABN on and from 28th July 2021
be registered with the responsible Federal or State regulator.
Employing businesses must also:
be registered with WorkSafe Victoria
attest that the business is supporting its workers to access any paid leave entitlements, or that if a person can work from home, work from home during the COVID-19 restrictions, and support their casual workers, where possible.
There are three ways you can apply for this program:
A qualified agent (qualified accountant, registered tax agent or registered BAS agent) can apply on your behalf and verify the 70% drop in business turnover as part of the application. The qualified agent needs to attest that they are authorised to apply on your behalf.
You can apply directly as a business owner and have the application verified by an Accountant, Tax Agent or BAS Agent using the Small Business COVID Hardship Fund – Letter from the Qualified Agent template.
Business owners who do not have access to a qualified accountant, registered tax agent or registered BAS agent can register their interest in the program. Applicants may receive an Invitation to Apply email from the department. Applications received via the Invitation to Apply process may take up to 25 business days to process due to the need for additional verification measures.
When applying, you must be able to demonstrate a reduction in turnover of at least 70% for a minimum two consecutive week period since 27th May 2021 as a direct consequence of COVID-19 restrictions, comparable to a benchmark period in 2019.
Businesses should compare their best consecutive two-week trading period between 27th May 2019 and 10th September 2019, with their worst consecutive two-week trading period between 27th May 2021 and 10th September 2021.
You must apply correctly as the Victorian Government or representatives may audit your application, so you will need to produce evidence at the request of the Victorian Government.
Finally, if you operate multiple businesses, you can only apply for one grant per ABN. If you have separate ABN’s for your businesses, you must submit separate applications for each ABN. Each business or ABN must satisfy all the eligibility criteria.
So, there we have it, that’s a quick update on the increased payments to the COVID-19 disaster payments. Also, a brief overview of the eligibility criteria for the Small Business COVID Hardship Fund. I’ve provided some links to various websites with more information. If you have any questions about this update or need assistance assessing your eligibility for these support measures, please reach out to me.
Small Business COVID Hardship Fund
COVID-19 Disaster Payment – Victoria
Reach out if you need any help.