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The Victorian Government has boosted financial support for small and medium-sized businesses impacted by the lockdown restrictions, which are expected to remain until at least October.

The package is now worth around $4.3 billion, with businesses support payments now confirmed to cover the four-week period ending on 30 September.

Most of the payments will be deposited automatically into businesses’ bank accounts, while a new tiered payments system for the Business Costs Assistance Program will allow for higher payments to businesses with more workers.

Business Costs Assistance Program payments will be automatically made at rates of $2,800, $5,600 and $8,400 a week over September, depending on payroll size.

Eligible cafes, restaurants and bars will continue to receive Licensed Hospitality Venue Fund payments of between $5,000 and $20,000 per week.

A major boost to the Small Business COVID Hardship Fund will increase the grant amount to $20,000 for around 35,000 businesses, and the deadline for applications will be extended.

An Alpine Support Package will help sustain resorts through the remainder of the season and September school holidays with an automatic top-up payment of between $10,000 and $40,000, depending on business location and whether they employ staff.

If you need the help of an accountant to guide you and your business, contact TaxAssist Accountants today for a free initial consultation.

Date published 6 Sep 2021

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