Small Business COVID Hardship Fund available in Victoria

If your business has been severely impacted by the COVID-19 restrictions that have been in place since 27 May 2021, have experienced at least a 70% reduction in turnover as a result of these restrictions and are ineligible for other key COVID-19 Victorian Government business grants then you could be eligible for a $10,000 grant.

The program is open to eligible small and medium businesses including employing and non-employing businesses.

The deadline for applications is Friday 10 September 2021 or until funds are exhausted, whichever is earlier – so prompt action is recommended.

Eligibility

• Your business must be located within Victoria.
• Your business must hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021.
• Your business must have been registered for Goods and Services Tax (GST) on and from 28 July 2021.
• Your businesses must, as a direct consequence of COVID-19 restrictions since 27 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.
• Your business must not have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021.
• Businesses that have received assistance through the Business Support Fund, payroll tax rebate/waiver, or another COVID-19 program launched prior to 27 May 2021 may apply for assistance under this program.
• Your business must 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, to work from home during the COVID-19 restrictions, and supporting their casual workers, where possible.

Businesses should ensure that all relevant registrations are up to date before applying for a grant under this program. If any information in your application is false or misleading, you may be asked to repay the grant.

Here at TaxAssist Accountants we can apply on your behalf and verify the 70% drop in business turnover as part of the application if applicable. Contact us today for further information.

Date published 20 Aug 2021