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May 20, 2020

QLD Announces Small Business Adaption Grant Program

Published by:
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Peter Hetherington
QLD Announces Small Business Adaption Grant Program

The Queensland Government has announced this week $10,000 adaption grant program, designed to help prepare small and micro businesses to get back on their feet post COVID-19.

The program is designed to support the development of online opportunities, embrace business diversification and to sustain ongoing operations, given the change in business landscape as a result of the pandemic.

The Grant is only open to the first 10,000 applicants.

How will it help?

The funding aims to help small and micro businesses in the following ways:

  • Prepare for the safe trading post COVID-19
  • Utilize online opportunities to sustain employment and maintain potential for long term growth
  • Embrace business diversification to adapt and sustain operations ongoing
  • Create or retain employment
  • Upskill and reskill businesses owners and employees to benefit from new technology and business models

Are you eligible?

To qualify, Queensland businesses must:

  • Have been significantly impacted by the current shutdown restrictions
  • Demonstrate business revenue has been significantly impacted over a 1-month period
  • Employ staff and have fewer than 20 employees
  • Have a valid ABN
  • Be registered for GST
  • Have QLD headquarters
  • Have an annual turnover of over $75,5000 for the last financial year
  • Have payroll less than $1.3 million
  • Not be insolvent

Only 1 application will be accepted from individual ABN or financial beneficiary of a business.

Further requirements and more information can be found on the QLD Business website here.

What can the funds be used for?

  • Financial, legal or other professional advice
  • Strategic planning, financial counselling and business coaching
  • Digital/technological strategy development
  • Digital training or retraining to help adapt to new business models
  • Capital costs related to safe practice requirements
  • Specialized digital equipment
  • Meeting business costs (such as utilities and rent)
  • Building business through marketing and communication activities

How do I apply?

Click through to the SmartGrants portal here.

Want to learn more?

Our team are working hard to provide you with tools and information to keep you up to date on Government stimulus measures. To review our latest materials on COVID-19, please click here.

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Your Modoras team of professionals are working from home or in our offices accross the country to assist you in making well-informed business decisions; contact us on 1300 888 803 to book a catch up with a Modoras professional.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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