COVID-19 Grants And Relief Packages For Small BusinessMadi
COVID-19 has wreaked havoc on world economies. Although Australia hasn’t seen case numbers quite as high as many other countries in the world, lockdowns and uncertainty still exist. Small businesses have also felt the impact of this uncertainty on their financial situation. But as a small business owner, you don’t have to do it completely alone if you’re eligible for some form of government relief. Read on as we dive into the grants and relief packages for small business that are available across the country.
New South Wales
Financial support for small business is perhaps more necessary in New South Wales than anywhere else in the country right now. With the state tackling another major COVID-19 outbreak, a recently announced federal and state government financial rescue package plan has promised to help ‘every worker, for every business’. This support is valued at $500 million a week, and according to the Prime Minister, it will serve as a template for other extended lockdowns that might happen in the future.
Eligible Small and medium sized businesses will be able to access a payment worth 40% of their NSW payroll payments. To be eligible, you’ll need to be either a non-employing or employing entity (including not-for-profits) with an annual turnover between $75,000 and $50 million; with your business turnover being 30% lower than an equivalent two-week period in 2019.
Small business grants will also be exempt from tax and administrative relief for businesses undergoing hardship is also available.
Find out more about the small business relief available in New South Wales here.
All eyes are also on Victoria, which went into lockdown with a recent COVID-19 outbreak. For them, major sources of financial support for small businesses include the $20 million Victorian Events Support Package, which aims to help event organisers, hosts and suppliers as they manage the ongoing impacts of the pandemic. Round two of the Business Costs Assistance Package is now available, which offers grants of up to $7,000 to eligible businesses, and the $70 million Licensed Hospitality Venue Fund that provides grants to eligible liquor licenses operating a restaurant, hotel, café, pub, bar, club or reception centres, which are registered to serve food and alcohol. There’s also a Tourism Supplement that may be available for some accommodation, attractions and tourism operators.
The City of Melbourne is also offering quick response business grants to businesses within the CBD to invest in online and e-commerce activities, and for training and development that will help them to adapt to changing conditions.
Find out more about the small business relief available in Victoria here.
With COVID-19 largely under control in the state, most financial support for small businesses have been rolled back in South Australia. There are still some state-initiated measures available to small businesses to further minimize the economic impact of the pandemic; small businesses can apply for any federal grants available, as long as they meet the eligibility requirements. For example, South Australian small businesses in the arts and cultural sector will soon be able to apply for grants through the Restart Investment to Sustain and Expand (RISE) Fund.
Find out more about the small business relief available in South Australia here.
In response to the recent four-day lockdown in Western Australia, a Small Business Lockdown Assistance Grant (a round two grant that followed a similar grant earlier this year) was announced. The program will provide $3,000 in cash flow support to small businesses in the industry sectors most heavily impacted by the pandemic across Perth, Peel and regional Western Australia.
Find out more about the small business relief available in Western Australia here.
Australian Capital Territory
Having been COVID-19 free for a number of months, and hardly touched by the pandemic at all since March last year, small businesses in the Australian Capital Territory can still access a range of support measures, most of which are in response to border closures and the impact it had on businesses that typically rely on interstate, and previously, international visitors.
Find out more about the small business relief available in the ACT here.
Like in South Australia, many of the Northern Territory’s financial support measures, which were in response to COVID-19 have been rolled back already. But, there are still some business grants and financial incentives available for small businesses, including the Small Business Survival Payment, which enable them to access one-off payments between $2,000 and $20,000, if they’ve experienced considerable reductions in turnover due to the ongoing impacts of COVID-19. The payment depends on the size of the impacted workforce.
Find out more about the small business relief available in the NT here.
The $60 million Business Growth Loan Scheme is the most substantial package of financial support available to small businesses in Tasmania. It provides concessional loan funding to support the recovery, adaptation, growth, and development of business models, as well as supporting employment retention and business growth. With applications having opened in September 2020, and still open today, the Scheme is also intended to support new projects that contribute to employment and the growth of the Tasmanian economy.
Find out more about the small business relief available in Tasmania here.
Read our last blog for updates on the 2021/22 Federal Budget and what small business owners can expect.