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Support for Sole Traders

 

The Victorian government has announced a $100 million package of grant funding for the state’s sole traders, who have previously been excluded from the Business Support Fund package.

Sole traders have been calling for targeted support for some time, as the strict stage four restrictions have left many unable to operate, but also unable to claim additional financial support.

The grant funding is described as appropriately targeted as it can be and is thought to be available to some 33,000 sole traders.

The Sole Trader Support Fund will be eligible for non-employing businesses in sectors that continue to be affected by coronavirus restrictions. This will be those traders who work in areas like accommodation and tourism, some non-permitted retail, media and film production, gyms, creative studios, outdoor entertainment, private museums and galleries.

What support is available?

Eligible sole traders will receive a grant of $3,000.

Who can apply for the grant?

To be eligible for a grant from this program, applicants must:

  • be a non-employing business operating in Victoria
  • operate from a commercial premises or location
  • hold a valid ABN
  • be a current participant in the Commonwealth Government’s JobKeeper payment scheme
  • operate in an industry sector that has been heavily restricted or closed as a result of continued restrictions
  • have not received a BSFe grant.

How to apply

Grant applications are now open and can be accessed here.

For Sole Traders in other states, and Victoria the following support is also available.

The JobKeeper Payment will be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021.

A time limited 15-month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deductions. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021.

The Government is extending the payment period of its temporary Coronavirus Supplement from 25 September 2020 to 31 December 2020.

The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 31 December 2020, for new or second‑hand assets first used or installed ready for use in this timeframe.

To find out how to push your business forward, contact one of Morris FInance business specialists today on (03) 5223 3453.

 

 
 

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