The Victorian Government has announced additional funding to help support businesses for the next 6 weeks up until a point where we should be at 80% double vaccination rate.

In this article we have outlined the following:
 
1. Business Costs Assistance Program Round 5
2. Small Business COVID Hardship Fund
3. Licensed Hospitality Venue Fund

1. Business Costs Assistance Program Round 5

For businesses who have been eligible for the previous Business Costs Assistance Program, you will AUTOMATICALLY receive 2 x fortnightly payments between 1–29th October 2021.

At this stage new applications for BCAP are not being accepted, if applications re-open we will provide an update.

This time, payments will be tiered as follows depending on the businesses annual payroll:

• $1K a week for businesses that are non-employing
• $2.8K a week for businesses with an annual payroll below $650K.
• $5.6K a week for businesses with an annual payroll $650K–$3 million.
• $8.4K for businesses with an annual payroll $3 million–$10 million.

Businesses that remain closed or severely restricted between 70 and 80 per cent double dose achievements will receive an automatic payment for the period from 29 October to 13 November 2021.

 

2. Small Business COVID Hardship Fund

The existing funding for this fund has been fully subscribed, but now more funds have allocated. This means 65,000 businesses will now be supported with a one-off grant of $20K.

It is unclear whether these funds are to go towards those who have already applied and yet are still pending, or towards new applications. 
We are of the opinion that these funds will go towards fulfilling existing applications, however if this program opens up for new applications we will provide an update.

The Fund supports businesses that have suffered significant losses due to the pandemic, including businesses legally allowed to operate but restricted in their ability to generate revenue, but have previously fallen between the cracks in terms of government support.

 


3. Licensed Hospitality Venue Fund

Businesses that have previously received grants under the Licensed Hospitality Venue Fund or July Extension programs will receive further automatic payments in October.

Weekly payment amounts are stepped according to premises capacity:

• $5K for a capacity of up to 99 patrons or where capacity is not specified.
• $10K for a capacity of 100–499 patrons.
• $20K for a capacity of 500 or more.

 

Between 70 and 80 per cent double dose achievements, payments for licensed premises in metropolitan Melbourne will be reduced by 25 per cent, and in regional Victoria by 50 per cent as the economy continue to progress to greater levels of freedom.

 



More information about all three of these funds can be read in a press release here.

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