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.<\/p>\n
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.<\/p>\n
Further hardship funds will be made available to eligible businesses that do not qualify for existing programs.<\/p>\n
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.<\/p>\n
Victorian Minister for Industry Support and Recovery Martin Pakula said the new support was absolutely crucial.<\/p>\n
\u201cDecisive action is required to tackle this incredibly infectious strain of coronavirus, but we know it doesn\u2019t come without a cost. This support will help the worst-affected businesses pay their bills and plan for a strong recovery,\u201d he said.<\/p>\n
Federal Treasurer Josh Frydenberg said the Federal Government had supported and continued to support Victorians during the pandemic.<\/p>\n
\u201cSince 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,\u201d he said.<\/p>\n
“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.<\/p>\n
\u201cThis will help cushion the blow of the recent lockdown and provide hope for the future.\u201d<\/p>\n
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,<\/p>\n
A Business Costs Assistance Program announced today for more than 90,000 businesses.<\/p>\n
The Licensed Hospitality Venue Fund where new payments of $5000 to $20,000 will be made to more than 8900 venues across Victoria.<\/p>\n
The Alpine Business Support Program with $5000 for off-mountain and $20,000 employing businesses on mountain operations.<\/p>\n
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.<\/p>\n
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