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Grants For Businesses And Sole Traders

Sep 23, 2020

Business Support Funds

Grants to support Businesses & Sole Traders

The Victorian State Government announced last week that they will roll out a further round of grants for businesses and sole traders significantly affected by the latest stage 3 & 4 lockdown restrictions.

If you are a business or sole trader operating in Victoria, please consider the following grant options.

Business Support Fund Expansion Grant 3

To be eligible for the 3rd round of expansion grants of $10,000, $15,000 or $20,000, businesses must meet each of the following criteria:

a)    Operate a business located within Victoria.
b)    Be registered as operating in an industry sector that has an industry restriction level of Restricted, Heavily Restricted or Closed and is not easing industry restriction levels between the First Step and Second Step of Victoria’s roadmap for reopening.  A business’s industry sector is defined by the industry classification (ANZSIC) linked to their ABN – please visit www.business.vic.gov.au for a comprehensive list of affected industries.
c)    Be a participant in the Commonwealth Government’s JobKeeper. Payment scheme.
d)    Be an employing business.
e)    Be registered with WorkSafe Victoria.
f)    Have an annual payroll of up to $10 million in 2019-20 on an ungrouped basis.
g)    Be registered for Goods and Services Tax (GST) on 13 September 2020.
h)    Hold an Australian Business Number (ABN) and have held that ABN on 13 September 2020.
i)    Be registered with the responsible Federal or State regulator.

The total grant will be: $10,000, $15,000 or $20,000 depending on the size of the business’ payroll for 2019/20:

• $10,000 if its annual payroll is less than $650,000;
• $15,000 if its annual payroll is between $650,000 and less than $3 million; • $20,000 if its annual payroll is between $3 million and up to $10 million.

Please visit www.business.vic.gov.au for further information and to access the grant application..

Sole Trader Grant – $3,000

To be eligible for the sole trader $3,000 grant, you must meet each of the following criteria:

a)    You must be non-employing.
b)    You must operate from a premise that is not your residence.
c)    You must have a current ABN.
d)    You must be involved in the Commonwealth Government’s JobKeeper. Payment scheme.
e)    You must be involved in an industry that has been directly affected by COVID closures.
f)    You must not have received the Business Support Fund Expansion Grant.

Please note that the sole trader grant application is not yet available, however it should be opening in the coming days. A comprehensive list of criteria including qualifying industries will be available at this time.

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