I’m here with the COVID-19 continuity update for Australian businesses on 14th September.
We’re starting the week with a (little) bit of positive news and advice for Victorian businesses. The Victorian government is offering another round of financial support for businesses affected by the lockdown.
Among a mix of financial support announcements, many focused only on specific sectors, there were some that are particularly appropriate to small to medium businesses.
Key points relevant for Victorian businesses:
– The grants are for businesses eligible for JobKeeper and that employ staff:
• $10,000 if your annual payroll is less than $650,000
• $15,000 if your annual payroll is between $650,000 and $3 million
• $20,000 if your payroll is between $3 million and $10 million.
Note: the grants have only just been announced; you can’t apply for them as yet. We’ll let you know when applications open. (Update: grants opened at 5:30pm on Friday 18th September – see my briefing for that date.)
– Payroll tax will be deferred (please note deferred, but not waived). Many small to medium businesses are on annual in arrears payments anyway (see my briefing from 29th July here) so this will have a minimal impact on them.
– Vouchers will be made available for sole traders and small businesses to assist with digital capability (the Tenfold business coaching team are exploring how these will apply and how they can be used by small businesses);
– The state government has said they would detail financial assistance for sole traders later on.
There’s not much information at this stage so we’ll be keeping a watching brief on this and I’ll update you when more details become available. If you have any questions about how to apply for these grants, please speak to a business coach at Tenfold.
Ashley Thomson B.Eng(Hons), Grad. Dip. Mgmt, MEI
Tenfold Business Coaching