$10,000 to $20,000 grants to support businesses
The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria.
Grant applications open on Friday 18 September 2020.
The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must:
operate a business located within Victoria; and
participate in the Commonwealth Government’s JobKeeper Payment scheme; and
employ people and be registered with WorkSafe; and
have had an annual payroll of less than $10 million in 2019-20; and
be registered for Goods and Services Tax (GST); and
hold an Australian Business Number (ABN); and
be registered with the responsible Federal or State regulator.
An eligible business will receive:
$10,000 if its annual payroll is less than $650,000
$15,000 if its annual payroll is between $650,000 and $3 million
$20,000 if its payroll is between $3 million and $10 million.
A full list of the eligibility criteria for a grant will be published when applications open. The link to Victorian Government website is: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-survival-and-adaptation-package/business-support-fund-3
How can Elite Accounting Solutions Help?
Now more than ever, the team at Elite Accounting Solutions are positioning ourselves to help business owners prepare for what is ahead of them. If you have any concerns about the income and tax implications of any recent changes, please do not hesitate to contact our office and speak with one of our accountants.