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Insights

August 06, 2020

VIC Business Support Fund Expansion

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Alf Couceiro
VIC Business Support Fund Expansion

*This initiative has finished and no longer taking applications.*

Following the Victorian Government’s announcement of stage 4 restrictions, an increase and expansion to an existing business support grant has been announced. The initial $5,000 grant for eligible businesses located in the Metropolitan Melbourne and Mitchell Shire as a result of stage 3 lock-down, has been revised. The amount given depends on the location of the business as restrictions are not the same across the state.

The Business Support Fund – Expansion Program has been revised to include one-off payments for eligible businesses:

  • $10,000 for employing businesses in Metropolitan Melbourne and Mitchell Shire
  • $5,000 for employing businesses in regional local government areas (excluding Mitchell Shire)

Is my business eligible?

The Business Victoria website confirms that the following conditions are required to satisfy the Business Support Fund – Expansion Program eligibility criteria:

  • The business must be located in Metropolitan Melbourne or regional Victoria
  • The business must be a participant in the JobKeeper Payment scheme
  • The business must have employees
  • The business must be registered with WorkSafe on 30 June 2020
  • The business must have an annual payroll of less than $3 million in 2019-20 on an ungrouped basis
  • The business must be registered for Goods and Services Tax (GST) as at 30 June 2020
  • The business must hold an Australian Business Number (ABN) and have held that ABN at 30 June 2020

How do you apply?

Eligible businesses located in Metropolitan Melbourne and Mitchell Shire that have already applied for the $5,000 grant under the Business Support Fund – Expansion Program, will automatically receive an increased amount, and do not have to re-apply. Those eligible businesses who are yet to apply, will need to do so to gain access to the grant. With applications now extended to 14 September 2020, please click here to apply now.

Want to know more?

With constantly changing Government stimulus measures, we  constantly updating our tools and information to keep you informed. View our latest materials here. This page will be regularly updated, so please check back in from time to time.

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Have you got questions on how to make the most of stimulus initiatives for you or your business? Make 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 (VIC) Pty Ltd ACN 145 368 850. 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 (VIC) 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 (VIC) 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 (VIC) 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 (VIC) 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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