The Victorian Government has announced a third round of one-off grants for businesses in specific industry sectors hit hardest by Covid-19 shutdown restrictions.

 

Grants are for businesses with payrolls up to $10 million. The size of the grant depends on the business’ payroll:

 

Payroll per annum	Grant
Under $650,000	$10,000
Between $650,000 up to $3 million	$15,000
Between $3 million up to $10 million	$20,000

 

In general, to be eligible a business must:

 

• Operate in Victoria,
• Be registered as operating in an industry sector that has industry restriction levels of restricted, heavily restricted or closed. A list of this industries can be found here. A business’ industry sector is defined by the industry classification code linked to its ABN,
• Be a participant in the JobKeeper Program,
• Be an employing business registered with WorkSafe Victoria,
• Have an annual payroll for the 2019/20 year of up to $10 million,
• Be registered for GST as of 13^th September 2020,
• Hold and ABN as of 13^th September 2020, and
• Be registered with the responsible federal of state regulator (eg ASIC)

 

The grants must be used to meet business expenses, seeking support for, or developing the business. Applications and use of the grant funds may be subject to audit. Applications close on 23^rd November 2020.

 

For more information on the Victorian Business Support Fund 3 or assistance with applications contact the team at Private Wealth Accountants on info@privatewealthaccountants.com.au or 03 9973 5905.