$400 million business support package announced

A new jointly funded package from the Commonwealth and Victorian Governments has been welcomed with open arms as Victoria emerges from its fifth lockdown.

A $156 million Business Continuity Fund will be established to deliver $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.

Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services and hairdressers. All recipients must have received or been eligible for the previous Business Cost Assistance Program.

Additionally, a new $85 million Small Business COVID Hardship Fund will be established to support small businesses who have not been eligible under existing business support funds.

Small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue will be eligible for grants of up to $5,000.

The Licenced Hospitality Venue Fund will receive a $70 million boost, with grants of up to $20,000 to be made available to support licensed venues as their operations continue to be impacted by current restrictions.

To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.