The “Second Wave” of Stimulus
There have been several new packages released over the weekend to support businesses impacted by this second lockdown all under the umbrella of the “new Business Support Package”.
At this stage it seems that these packages will replace the previous “Restricted Postcodes Business Support Program”.
The New & Expanded Support Package includes:
Victorian Business Support Fund
The expanded fund will provide eligible businesses with a new $5,000 grant.
This grant was previously available to the 12 “hotspot” postcodes, but will now apply to all areas under Stage 3 restrictions.
CBD Business Support Fund
A $20 million fund to help small businesses in Melbourne’s CBD.
Night-Time Economy Support Program
A $30 million dedicated fund for the hardest hit businesses in hospitality.
Regional Tourism Support Program
A $40 million capped fund for regional tourism businesses to cover the costs of refunds, as well as marketing campaigns to boost visitation once the restrictions can be eased.
Extended and expanded Payroll Deferral
Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year.
$26 million has been allocated to mental health support to help Victorian small business owners get the support they need in this crisis.
A business mentoring program, pairing small business owners with experienced professionals.
You can find more details and register interest in applying for each package on the Business Victoria website.
For more information about Australia-wide government stimulus and other resources such as mental health support and financial hardship hotlines, click here.