Support Package for Victorian Businesses

With the recent alarming spike in coronavirus cases in what has been described as Victoria’s second wave of the pandemic, the Victorian Government has reinstated Stage 3 restrictions in metropolitan Melbourne and Mitchell Shire.

The state government has responded swiftly to provide financial support by releasing a $534 million support package for businesses impacted by the second lockdown.

Although Corangamite residents have been spared from the latest lockdown, there are many businesses that may have been affected by it, such as those in the tourism sector.

The package includes:

• $30 million for hospitality businesses
• $26 million mental health support for small businesses
• $40 million to help regional tourism
• $20 million for small businesses in Melbourne’s CBD
• $5,000 grants for eligible businesses in metropolitan Melbourne or Mitchell Shire

Businesses will also benefit from an extended and expanded payroll tax deferral. Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year.

Regional tourism adversely affected by the latest lockdown has also been given a lifeline. Eligible businesses can claim up to $225 per night, for up to five nights for every room cancelled, provided they refund the booking in full.

With an expected billions of dollars to be wiped from the economy in Victoria due to the pandemic, businesses will need to access any support they can get. Many business owners are facing severe hardship in the coming months and it may take years for many to recover.

If you need to access any of this government support please visit the Business Victoria page.

This story was originally published in Libby's July Newsletter. Please click here to subscribe to the email newsletter.