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From the 1st July, small businesses in Queensland that have been impacted by the effects of COVID-19 will be able to apply for the second round of the Small Business COVID-19 adaption program.

Eligible small businesses will be able to apply for a grant of up to $10,000, with the funds to be used to help get businesses reopened, transition to operating their business online, up-skill or re-skill business owners and employees in new areas that may benefit the business, or to retain employees or create new employment opportunities.

The first round of grant funding was exhausted after just a few days due to high demand, so eligible businesses are being urged to act quickly to avoid missing out. 50% of the £10 million is being allocated exclusively to businesses located outside of South East Queensland this time, due to the high numbers of small businesses here missing out on the first round of funding.

The Small Business COVID-19 Adaption grant is available to any small business that has been greatly impacted by Queensland's shutdown restrictions and experienced a 30% decline in revenue over a one-month period since 23 March 2020, while employing fewer than 20 staff.

For more information about the Queensland Government's $100 million Small Business COVID-19 Adaption Grant program, or to learn how to apply, visit https://www.business.qld.gov.au/starting-business/advice-support/grants/adaption

Please call in at your local TaxAssist Accountants for help and advice with any of the above.

Last updated: 7th July 2020

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