This week, the Victorian Government have released a new Grant for small and medium businesses called the Small Business COVID Hardship Fund.
If your business has been majorly impacted by COVID-19 and has had at least a 70% reduction in turnover as a result of COVID-19, you may be eligible to apply for this grant!
Please note: you must be registered for GST to apply!!
See some key information regarding this grant below!
When does my business need to have lost revenue in order to be eligible?
To be eligible, your business must show a reduction in turnover of at least 70% for a minimum consecutive two-week period between 27 May 2021 and 10 September 2021 (Impacted Period) as a direct consequence of COVID-19 restrictions, comparable to a benchmark period in 2019.
Businesses must choose similar dates for the Benchmark Period and the Impacted Period unless there are exceptional reasons as to why a different time is chosen.
If applicants choose a starting date in 2019 that is more than 3 days earlier or later than the starting date in 2021, the application may require further information to substantiate the exceptional reasons.
Applicants may choose a longer consecutive period, however if a longer period for the Impacted Period is used, applicants must use the same length of time for the Benchmark Period.
For more information and questions regarding the above, click here.
How much is the grant?
Eligible businesses will receive $10,000 from the Victorian Government.
Can I apply for the Small Business Hardship Fund if I have received a grant through another COVID-19 business support program?
Businesses cannot apply for the Small Business Hardship Fund if support was received through a previous Government Support Fund since 27th May, including:
- Business Costs Assistance Program Round Two
- Business Costs Assistance Program Round Two Extension
- Licensed Hospitality Venue Fund 2021
- Licensed Hospitality Venue Fund 2021 – July Extension
- Alpine Resorts Support Program
- Victorian Events Support Package, comprising of:
- Sustainable Events Business Program
- Impacted Public Events Support Program
- Independent Cinema Support Program
- Live Performance Support Program (Presenters)
- Live Performance Support Program (Suppliers)
Do I need to be registered for GST?
Yes! You cannot apply if your business is not registered for GST.
Your business must be registered from 28 July 2021 to be eligible for this grant.
How do I apply?
There are three ways you can apply for this grant. See options below:
- Your registered tax agent/BAS agent can apply on your behalf and verify the 70% drop in business turnover.
- Business owners can apply directly and have their application verified by their tax agent/BAS agent. Use the following document to start your application Small-Business-COVID-Hardship-Fund_Letter-from-the-Qualified-Agent-template (1)
- Business owners who don’t have a tax agent/BAS agent can register their interest directly online. This may be a longer process due to the need for additional verification measures.
If you would like Knox Taxation to apply on your behalf, please contact our office on 03 9762 7344.
To read more about the Small Business COVID Hardship Fund, click here!
If you have any questions, please contact our office on (03) 9762 7344
We wish you all the best during this time.
The Team @ Knox Taxation and Business Advisory