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The Victorian Government’s Small Business COVID-19 Hardship Fund


(This is for small and medium sized businesses who have NOT BEEN ELIGIBLE for previous grants since 27 May 2021, and who have also had a reduction of 70% in business turnover.)



Small Business COVID Hardship Fund

The Victorian Government’s Small Business COVID Hardship Fund will assist eligible small and medium businesses:

  • whose operations have been severely impacted by COVID-19 restrictions that have been in place between 27 May 2021 and August 2021

  • that have experienced at least a 70% reduction in turnover as a result of the COVID-19 restrictions

  • that are ineligible for other key COVID-19 Victorian Government business grant programs that have been announced since 27 May 2021.



Eligibility:


To be eligible, businesses must:

  • be located within Victoria

  • as a direct consequence of COVID-19 restrictions since 27 May 2021 have experienced a reduction in turnover of at least 70% for a minimum consecutive two-week period comparable to a benchmark period in 2019

  • have an annual Victorian payroll of up to $10 million in 2019-20 on an ungrouped basis

  • have been registered for Goods and Services Tax (GST) on and from 28 July 2021

  • hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021

  • be registered with the responsible Federal or State regulator.

Employing businesses must also:

  • be registered with WorkSafe Victoria

  • attest that the business is supporting its workers to access any paid leave entitlements, or that if a person can work from home, to work from home during the COVID-19 restrictions, and supporting their casual workers, where possible.

Businesses should ensure that all relevant registrations are up to date before applying for a grant under this program.


Grant amount:


Eligible businesses will receive a grant of $10,000.


What you need to know before you apply:


Businesses that have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021 are not eligible for a grant under this program.

Businesses that have received assistance through the Business Support Fund, payroll tax rebate/waiver, or another COVID-19 program launched prior to 27 May 2021 may apply for assistance under this program.


How to apply for the Grant:


Applications are open until program funds are exhausted or 11:59 pm on Friday 10 September 2021, whichever is earlier.

Check that your details on the Australian Business Register website are correct prior to submitting an application. Incorrect information may delay the assessment of your application.

You can choose to apply for this program in one of three ways:

  1. A qualified agent can apply on your behalf and verify the 70% drop in business turnover as part of the application. The qualified agent needs to attest that they are authorised to apply on your behalf. Please contact our office if would like us to assist.

  2. You can apply directly as a business owner and have the application verified by a qualified agent. Please contact our office if you need assistance

  3. Business owners who do not have access to a qualified accountant, registered tax agent or registered BAS agent can register their interest for the program. Applicants may receive an Invitation to Apply email from the department. Applications received via the Invitation to Apply process may take up to 25 business days to process, due to the need for additional verification measures.

You must demonstrate a reduction in turnover of at least 70% for a minimum consecutive two-week period since 27 May 2021 as a direct consequence of COVID-19 restrictions, comparable to a benchmark period in 2019. There are options for businesses that don’t have comparable periods so please seek advice.

The Victorian Government or representatives may audit your application, so you will need to produce evidence at the request of the Victorian Government.

If any information in your application is false or misleading, you may be asked to repay the grant.


Official FAQ:


https://business.vic.gov.au/grants-and-programs/small-business-covid-hardship-fund/faqs


How can Elite Accounting Solutions Help?


Now more than ever, the team at Elite Accounting Solutions are positioning ourselves to help all our clients preparing 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. 


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