The Commonwealth and state governments have today announced further support for businesses affected by lockdowns and restrictions in both New South Wales and Victoria.
New South Wales
The NSW government have announced the Greater Sydney lockdown will be extended for four weeks until at least the 28th of August. As a result of this, the NSW and Commonwealth government have expanded support packages to ensure more businesses will receive extra financial support.
The program will receive a significant boost, with payments now available to businesses with an annual turnover of between $75,000 and $250 million (up from $50 million) who can show a decline in revenue of 30 per cent or more.
The maximum weekly payments will also be substantially increased, with employing businesses that maintain their employee headcount now eligible for payments between $1,500 and $100,000 per week (up from $10,000) with payments based on 40 per cent of the businesses weekly NSW payroll.
There has been no change for sole traders and non-employing businesses with payments remaining at $1,000 per week.
Applications for the JobSaver program opened on Monday, and more than 14,000 applications have already been received with almost $28 million already approved for payment. Payments are expected to hit businesses bank accounts from the 31st of July.
Businesses have been told to expect payments to be made within five to ten business days from when their application is approved. Today’s announcements will also be backdated to the 26th of July, so any business that receives payment on the previous settings will be topped up with their next payment.
JobSaver payments are available from week four of the lockdown, with the COVID-19 Business Grants program available to support businesses for the first 3 weeks prior to this. So far more than 56,000 applications have been received and more than $118 million paid to businesses.
Support payments (COVID-19 Disaster Payment) for individuals impacted by the current restrictions and stay-at-home orders are also available through the Services Australia website.
More information about the above programs and payments can be found in the links below.
The Commonwealth Government has also today announced additional jointly funded packages for many Victorian Businesses, to provide them with extra support to recover from the recent lockdown.
The new Victorian Business Support Package will provide an additional $400 million in support to businesses.
Business Continuity Fund
Funds will be established to deliver $5,000 grants to around 30,000 businesses that will remain impacted by the current capacity limits placed on businesses.
Twenty-four eligible sectors will be covered by this fund including cafes, restaurants, catering services, hairdressers, gyms and more.
Businesses located in the CBD will also receive an additional $2,000 recognising they are further impacted by the reduction in foot traffic due to office density limits.
To be eligible, businesses must have received or been eligible for the previous Business Costs Assistance Program.
Licensed Hospitality Venue Fund 2021
This program will receive a $70 million boost with grants of up to $20,000 to be made available for licenced venues whose operations continue to be restricted.
Again, an additional $2,000 will be made available for businesses located in the CBD.
To receive this funding, venues will need to have received or been eligible for the previous Licenced Hospitality Venue Fund 2021.
Commercial Tenancy Relief
This package will provide support to landlords that offer rent relief to their tenants.
The Commercial Tenancies Relief Scheme will soon be reinstated, with more details to be provided by the Victorian Government soon.
Small Business COVID Hardship Fund
This new fund will be established to support those small businesses that have not been eligible under other existing support funds and programs.
Small businesses that have a payroll of up to $10 million who have experienced a reduction in revenue of 70 per cent or more will be eligible for grants of up to $5,000.
More information will be available on the Business Victoria website soon.
NewAccess for Small Business Owners
Beyond Blue have recently developed a free and confidential mental health support service for small businesses owners including sole traders.
The coaching program connects business owners with coaches with a small business background who will work with you to overcome difficult issues, providing you with practical skills to manage stress and get you back to feeling like yourself.
NewAccess for Small Business Owners is available nationally by phone or video call.
More information can be found in the link below.