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Business Insights – 4th June 2021 – financial support for Victorians

I’m here 4th  June 2021 with an update on government financial support for some Victorian businesses and employees.

Victorian government grants for business

Some Victorian businesses will get a pleasant surprise this Friday afternoon. Victorian Tenfold clients that operate in industry sectors targeted for support are now available to apply for funding.

The Vic government’s Business Costs Assistance Program Round 2 provides a one-off payment between $2500 and $5000 to eligible businesses. The amount of the payment will be determined by how long your business was restricted:

  • businesses that were subject to restrictions during the first week of the lockdown will be eligible for funding of $2,500
  • businesses that were also subject to the upcoming second period of the lockdown will be eligible for funding of $5,000

The main eligibility criteria for Victorian businesses are that they must:

  • operate in an eligible sector listed in the list of eligible ANZSIC classes for this program.
  • have an annual Victorian payroll of up to $10 million in 2019-20

Click here to see the list of eligible ANZSIC classesPlease check your business as there are some industries listed that we didn’t expect to be eligible.  

If you have multiple businesses you can apply for a grant per ABN, for each of your businesses that are eligible.

Also note that your business only needs to have been not able to operate fully. If your business was able to operate partially, you may still be eligible.

I encourage you to look carefully as to whether you are eligible.

See this FAQ here:

Applications are open now until 11:59pm Thursday 24 June 2021.

Click here to apply: https://businessvic.secure.force.com/PublicForm?id=bcap22021#no-back-button

 

Federal government support for employees

The stoppage of work due to the Victorian lockdown has meant that some Tenfold clients have had to stand down their team. For their team members who have been stood down without pay, there may be some financial support by way of the “temporary Covid disaster payment” the federal government announced yesterday.

The “temporary COVID disaster payment” will be $500 for eligible people who usually work more than 20 hours per week, or $325 for those working less than 20 hours per week.

To be eligible, your employee must apply to Services Australia (Centrelink) and they must declare that:

  • They would have worked during the week if a lockdown was not imposed and would lose income because of it
  • They don’t have access to special pandemic or sick leave, or if they do, they’ve used it all up
  • They have less than $10,000 in “liquid assets” (not including super or credit cards)

We’re waiting on clarification as to whether they must have been stood down for the whole week to be eligible or whether being stood down for part of the week still qualifies them. The payment will be for the second week of lockdown only, and will be re-assessed on a week-by-week basis.

The application process for employees opens on Tuesday 8th June. If any of your staff require more information, direct them to Services Australia here: https://www.servicesaustralia.gov.au/individuals/subjects/getting-help-during-coronavirus-covid-19/payments-and-services-during-coronavirus

 

Ash

Ashley Thomson B.Eng. (Hons), Grad. Dip. Mgmt, MEI
Managing Director
Tenfold Business Coaching

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