Victorian business support grants expanded to companies below payroll tax threshold

Victorian business support grants expanded to companies below payroll tax threshold

The Victorian Government has today announced its $10,000 Business Support Fund grants will be expanded to smaller companies than before, although sole traders covered by JobKeeper still won't be eligible.

The $500 million fund was announced on 23 March as part of a $1.7 billion stimulus package, and to date more than $150 million has been paid out to businesses across the state. 

The second phase of support will be expanded to businesses with a wages bill less than the payroll tax threshold of $650,000 who are participating in the Commonwealth JobKeeper program, regardless of the sector they operate in.

Businesses who applied for Business Support Fund payments but were initially not eligible based on their sector classification will be contacted by the Department of Jobs, Precincts and Regions and do not have to submit a new application.

Businesses that have not previously applied for a grant due to their sector classification are encouraged to make an application for a grant at business.vic.gov.au when applications for the expanded group open in coming days.

The government has provided further support for small and medium businesses through the Commercial Tenancy Relief Scheme which provides a six-month moratorium on evictions and allows businesses to negotiate rental waivers or deferrals with their landlords relative to their lost income.

"The sectors hit hardest and fastest by the coronavirus pandemic received important support through the fund, and now we're moving to the second phase to help others doing it tough," says Minister for Jobs, Innovation and Trade Martin Pakula.

"These expanded grants and our support through the Commercial Tenancy Relief Scheme are all about helping businesses survive through to the other side of the crisis and keeping as many people as possible in work," says Minister for Small Business Adem Somyurek (pictured).

Updated at 4:30pm AEST on 1 May 2020.

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