The Victorian Government has announced an extension of the Business Support Package throughout the next six weeks and confirmed that financial support will continue to be available to businesses who trade under operational restrictions until mid-November.
The $2.27 billion funding package will support 160,000 businesses most affected by restrictions as Victoria reaches 70 per cent, then 80 per cent fully vaccinated thresholds on the state’s Roadmap to Deliver the National Plan forecast around 26 October and 5 November.
Please see a breakdown of the package below:
Licensed Hospitality Venue Fund (LHVF)
More than 9,000 licensed hospitality businesses that previously received grants under the LHVF or July Extension programs will receive further automatic payments in October. The LHVF payments will deliver up to $407.5 million for the six-week period.
Weekly payment amounts remain aligned to previous premises capacity limits –
- From 0-99 guests: $5,000 automatic payments. This includes where capacity is not specified.
- From 100-499 guests: $10,000 automatic payments
- 500+ guests: $20,000 automatic payments
Between 70% and 80% double-dose, payments for licensed premises in metropolitan Melbourne will be reduced by 25 per cent. In regional Victoria, LHVF payments will be reduced by 50 per cent as the economy continues to progress to greater levels of freedom.
Business Costs Assistance Program (Round Five)
Eligible businesses will receive two fortnightly payments between 1-29 October on a rising scale. Eligible non-employing businesses will receive $1,000 per week, increasing to $2,800 a week for an annual payroll of up to $650,000, $5,600 a week for a payroll of $650,000 – $3 million and $8,400 a week for a payroll of $3 million – $10 million.
Businesses that remain closed or severely restricted between 70 and 80 per cent double dose will receive an automatic payment for the period from 29 October to 13 November.
Small Business COVID Hardship Fund
Some $600 million has been added to the Small Business COVID Hardship Fund, taking the total program to $1.3 billion. The existing $700 million funding pool has been fully subscribed and the new allocation means 65,000 businesses will now be supported with one-off grants of $20,000. The Fund supports businesses that have suffered significant losses due to the pandemic, including businesses legally allowed to operate but restricted in their ability to generate revenue, but have previously fallen between the cracks in terms of government support.
Click here for the official media release.