$400m lockdown support package for business announced

THE Federal and Victorian governments have announced a new joint funding package for Victorian small and medium businesses to get through and then recover from Victoria’s sixth COVID-19 lockdown.

The $400 million jointly funded package will provide automatic payments to almost 100,000 eligible businesses, including sole traders, to ensure funds are distributed quickly.

Further hardship funds will be made available to eligible businesses that do not qualify for existing programs.

The new package follows $400 million pf joint funding announced last week and is addition to more than $950 million in support grants paid by the State Government since June.

Victorian Minister for Industry Support and Recovery Martin Pakula said the new support was absolutely crucial.

“Decisive action is required to tackle this incredibly infectious strain of coronavirus, but we know it doesn’t come without a cost. This support will help the worst-affected businesses pay their bills and plan for a strong recovery,” he said.

Federal Treasurer Josh Frydenberg said the Federal Government had supported and continued to support Victorians during the pandemic.

“Since the start of the pandemic the Federal Government has delivered more than $45 billion to Victorian families and businesses to support them in their hour of need,” he said.

“On top of the $415 million in COVID-19 disaster payments and business support we have provided in recent weeks, we are now delivering a further $200 million in business support for Victorian business.

“This will help cushion the blow of the recent lockdown and provide hope for the future.”

There are five elements to the support package including COVID-19 Disaster Payments – Eligible workers across the state who lose hours due to the lockdown,

A Business Costs Assistance Program announced today for more than 90,000 businesses.

The Licensed Hospitality Venue Fund where new payments of $5000 to $20,000 will be made to more than 8900 venues across Victoria.

The Alpine Business Support Program with $5000 for off-mountain and $20,000 employing businesses on mountain operations.

And the Small Business COVID Hardship Fund that allows for grants of up to $8000 to be paid to small businesses that are not eligible for support under existing programs and have experienced a 70 per cent reduction in turnover.