The Commonwealth and Victorian governments have announced a funding package of up to $2.27bn on Thur 30.9.2021, which will support Victorian businesses as the state embarks on its roadmap to re-opening. Victoria is expected to reach a 70% vaccination rate around 26 October, and 80% by 5 November 2021.
The funding includes:
- an automatic Business Costs Assistance Program grants ranging from $1,000 to $8,400 per week for eligible businesses, until the end of October 2021. Businesses that remain closed or severely restricted over the first 2 weeks of November will also receive automatic payments for that period;
- an automatic Licensed Hospitality Venue Fund payments of between $5,000 and $20,000 per week until the end of October for eligible cafes, restaurants, hotels and bars. Licensed Hospitality Venue Fund payments will continue for the first half of November, set at reduced rates to reflect lower restrictions in place at that stage under Victoria’s Roadmap;
- a one-off $20,000 payment through the Small Business COVID Hardship Fund to enable a further 30,000 businesses, taking the number of recipients to 65,000. [LTN 189, 30/9/21]
[Tax Month – September 2021] 3.10.21