Business Support Fund – Third Round now open for applications

Further to our update last week, the third round of the Victorian State Government – Business Support Fund is now open for applications and additional details around the eligibility have been released.

The conditions for eligibility are similar to the previous rounds, these include;

  • Be operating a business in Victoria; and
  • Be a participant in JobKeeper Payment Scheme; and
  • Be an employing business registered with WorkSafe Victoria; and
  • Have an annual payroll less than $10million in 2019/2020 (ungrouped); and
  • Be registered for GST on 13 September 2020; and
  • Hold ABN as at 13 September 2020; and
  • Be registered with Federal or State regulator; and
  • Operate in an industry section that is restricted or closed and not easing between First Step and Second Step of Roadmap for Reopening.

The main change in criteria is found in the industry classification, only businesses listed here can apply for the grant.

You will need to confirm your 4 digit ANZSIC class linked to your ABN to verify you industry eligibility.

The total grant will be: $10,000, $15,000 or $20,000 depending on the size of the business’ payroll for 2019/20:

  • $10,000 if its annual payroll is less than $650,000;
  • $15,000 if its annual payroll is between $650,000 and less than $3 million; or
  • $20,000 if its annual payroll is between $3 million and up to $10 million.

Grant funds may be used to assist the business, for example on:

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

Applications for the Business Support Fund opened on 18 September 2020 and will close on 23 November 2020.

Additional Resources

For further details on the Roadmap to Reopening – click here for more information.

Business Support Fund Round 3 – Frequently Asked Questions – click here for more information.

If you aren’t eligible for Round 3 then you may qualify for one of the Business Resilience Packages – click here for more information.

 

If you would like any assistance in applying for the grants please speak to your local William Buck Advisor.

Business Support Fund – Third Round now open for applications

Belinda Hudson

Belinda is a Director in our Business Advisory division and is the national lead for William Buck's Health Services Group. Belinda has extensive knowledge in relation to the medical industry covering all areas of general and specialist practices providing advice in tax planning, service trusts, income tax and wealth creation strategies. She also works closely with SMEs and individuals to design and implement long term tax and accounting strategies tailored to their specific needs.

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