Round Three: $10,000 to $20,000 grants for eligible Victorian businesses

The Victorian Government is delivering a third round of grants under the Business Support Fund program, increasing the support available to Victorian based businesses impacted by the coronavirus pandemic. Round Three of the Business Support Fund program provides for one-off grants of:

    1. $10,000 for eligible businesses with annual payroll in 2019-20 of less than $650,000; or
    2. $15,000 for eligible businesses with annual payroll in 2019-20 of $650,000 or above, but less than $3 million; or
    3. $20,000 for eligible businesses with annual payroll in 2019-20 of $3 million or above, but less than $10 million.

These grants are in addition to two previous round of grants under the Business Support Fund program; the first round closed on 1 June 2020 and the second round closed on 14 September 2020. Businesses who received grants under the previous rounds can still access grants under the Third Round, providing they meet the eligibility criteria for Round Three.

A key difference for Round Three is that eligibility is now also locked to specific industry sectors where businesses were operationally¬†restricted, heavily restricted or closed by the State Government’s COVID-19 regulations.

To be eligible to apply for a grant under Round Three of the Business Support Fund, businesses must meet the following criteria:

    1. Their ABN is linked to the correct ANZSIC classification for their business, and this classification is one of the eligible ANZSIC classifications for Round 3 (check the list of eligible classifications here)
    2. They are located and operate in Victoria
    3. They are participants in the Federal Government’s JobKeeper wage subsidy scheme
    4. They employ people (non-employing businesses do not qualify) and are registered with WorkSafe Victoria
    5. Their annual payroll in 2019-20 was less than $10 million on an ungrouped basis
    6. They are registered with the responsible Federal or State regulator
    7. As at 13 September 2020 they were registered for GST and held an ABN, which they continue to hold
    8. They have not received a grant under the Licensed Hospitality Venue Fund grant program.

Examples of how the grants made under this program can be used include:

    1. Paying businesses expenses – e.g. utilities, salaries, rent
    2. Obtaining financial or legal advice to support business continuity planning
    3. Undertaking marketing and communications activities to develop the business
    4. Any other activity supporting the operation of the business.

How to apply
Applications must be submitted online at https://businessvic.secure.force.com/PublicForm?id=bsf32020#no-back-button. Information applicants will need to provide includes:

    1. Their ABN (which must be linked to the correct ANZSIC classification)
    2. Their current business name as registered with relevant regulators
    3. Their JobKeeper Enrolment ID or most recent JobKeeper Business Monthly Declaration Receipt ID (to prove participation in the JobKeeper wage subsidy scheme)
    4. Their WorkCover employer number.

Information supplied will be audited and businesses will need to retain documentation supporting their basis of claiming the grant for at least four years. The grants are repayable if information supplied is later found to be false or misleading.

Applications close on Monday 23 November 2020 or when funds are exhausted (whichever comes first).

If you have any questions about this grant, or need help applying, you can call us on 03 5339 3200 or contact us here.

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The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

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