November 5, 2019
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Victorian Govt announces $500 million Business Support Fund to relieve the impact of COVID-19

The Victorian Government has just announced one of their own measures to help the business community in the light of the coronavirus outbreak. The $500 million Business Support Fund is designed to support business and to keep people in work, and is part of a larger $1.7 billion Economic Survival Package.

Here we answer some frequently asked questions about the Victorian Government's Business Support Fund.

What funding is being offered?

Funding of $10,000 per business is available, and will be allocated through a grant process.

Is my business eligible for a grant?

Your business is eligible to apply for a grant if it meets the following criteria:

  • Has been subject to closure or highly impacted by Non-Essential Activity Directions issued by the Deputy Chief Health Officer
  • Employs people
  • Has a turnover of more than $75,000
  • Has payroll of less than $650,000
  • Holds an Australian Business Number (ABN) as at 16 March 2020
  • Has carried out business operations in Victoria as at 16 March 2020

Are non-employing businesses eligible for funding?

While owners of businesses that do not employ people are not eligible for funding through this program, they can seek support through the Commonwealth Government’s JobKeeper Payment program.

What can I use the funding for?

Your grant funding can be used for some of the following activities:

  • Meeting business costs, including utilities, salaries, rent
  • Seeking financial, legal or other advice to support business continuity planning
  • Developing the business through marketing and communications activities
  • Other supporting activities related to the operation of the business

How do I apply for the Business Support Fund?

  1. Applicants must submit an application online via the 'Apply now' button on the Business Support Fund web page.
  2. Applicants are required to provide a copy of their most recent Business Activity Statement (BAS). Other supporting materials can also be provided.
  3. All questions in the application must be completed and documentation attached to ensure timely assessment and payment.

Applications close on Monday 1 June 2020.

For more information, visit Business Support Fund FAQs or contact the team at Lead Advisory Group for assistance.

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