JobKeeper 2.0 and Business Resilience Package
BUSINESS RESILIENCE PACKAGE
The Victorian Government has announced the Business Resilience Package to provide direct financial support to businesses impacted by restrictions in Victoria and designed to assist Victorian businesses to prepare for ‘COVID normal’.
Business Support Fund grants (third round) are available from the program and range from $10,000 to $20,000 depending on the business’ annual payroll.
Eligible applicants must:
- operate a business within Victoria;
- participate in the JobKeeper Payment scheme;
- employ people and be registered with WorkSafe;
- have an annual payroll of less than $10m within the 2019-20 financial year;
- Be registered for GST;
- hold and ABN;
- be registered with the responible Federal and State regulator.
Applications for the third round open 18 September 2020. To apply please visit the Business Victoria website here.
The below businesses may also be eligible for assistance under the new package:
- Licensed Hospitality Business ($251 million): Grants of up to $30,000 for licensed pubs, clubs, hotels, bars, restaurants and reception centres, based on their venue capacity and location.
- Business Chambers and Trader Groups ($3 million): A competitive grants program to support metropolitan and regional business chambers and trader groups.
- Alpine businesses ($4.3 million): Grants of up to $20,000 to help alpine businesses pay a service charge to Alpine Resort Management Boards.
- Sole Trader Support Fund ($100 million): Grants of up to $3,000 to over 30,000 eligible sole traders who operate from a commercial premises or location to which the sole operator is the tenant or licensee.
The package also provides additional funding, tools and resources to help businesses adapt and prepare for reopening under COVID normal settings.
- $20 million voucher program to assist sole traders and small businesses in building their digital capability
- $15.7 million package to help Victorian exporters get their products to market and establish new trade channels.
- $8.5 million expansion to the ‘Click for Vic’ campaign to encourage more Victorians to support local businesses.
- $87.5 million Outdoor Eating and Entertainment Package to support hospitality businesses prepare for COVID Normal reopening across Victoria.
- $100 million Melbourne City Recovery Fund between the Victorian Government and the City of Melbourne to support Melbourne on the roadmap for reopening to COVID Normal in the lead up to Christmas and during summer.
The Government is also providing $1.8 billion in tax and cashflow support.
- $1.7 billion to defer payroll tax for businesses with payrolls up to $10 million for the full 2020-21 financial year
- $41 million to bring forward the 50% stamp duty discount for commercial and industrial property for all of Regional Victoria
- $33 million to defer the planned increase in the landfill levy for six months
- $30 million to waive 25% of the Congestion Levy this year, with the outstanding balance deferred.
- $27 million in liquor license fee waivers for 2021
- $6 million to waive Vacant Residential Land Tax for vacancies in 2020.
For more information on the Business Resilience Package please click here.
JOBKEEPER 2.0 UPDATE
Legislation for JobKeeper 2.0 was registered on Tuesday which include the new two-tiered payment rates. Businesses will be required to satisfy the new 'actual decline in turnover test’. Demonstrating a decline in turnover of 30% relative to its comparable quarter in 2019.
Running from 28 September 2020 to 3 January 2021, employees who worked for 80 hours or more in the 28 day period prior to 1 March 2020 to 1 July 2020 will receive $1,200 per fortnight, all other employees will receive $750.
To qualify for the first extension businesses will need to satisfy the actual decline in turnover test for the quarter ending 30 September 2020.
Running from 4 January 2021 to 28 March 2021 the rate will drop to $1,000 per fortnight and $650 per fortnight respectively.
To qualify for the second extension businesses will need to satisfy the actual decline in turnover test for the quarter ending 31 December 2020.
Entities are allowed to qualify for the JobKeeper extension periods if they satisfy the actual decline in turnover test, even if they did not previously qualify.
For any questions please contact email@example.com