Business Support Fund – Eligibility Expanded
Assistance for Victorian small businesses impacted by COVID-19
The Victorian government announced back in March 2020 a $10,000 grant available to businesses who turn over more than $75,000, have employees and their total payroll is under $650,000. Initially this was only for businesses within specific industries that were ‘greatly’ affected by COVID-19. They have recently expanded that adding the ‘Steam Two’ option available to any business who meet the original turnover and payroll criteria and qualify for JobKeeper, meaning the industry that you operate in does not matter anymore. This will see a large number of businesses now qualify for this $10,000 grant via ‘Stream Two’. The initial ‘Stream One’ was industry specific.
What should you do?
If you have previously applied and been rejected because of your industry not being what they required, then you should have received an email from the Victorian Government requesting you re-apply, now that the parameters have changed. If not, we would recommend you contact them directly on 13 22 15 to make sure your business is reconsidered.
If you have already got it, great!
For more details and information on how to apply yourself visit:
Applications close at the end of May 2020 so we strongly suggest you action this promptly if you are applying yourself.
For your application online, you will need a copy of your ‘March 2020 BAS Extract’ accessible from your ATO Portal, which shows wages within it.
To determine your eligibility for ‘Stream Two’ of the Business Support Fund, you need to provide an enrolment receipt number (ATO Receipt ID number). Your JobKeeper enrolment receipt number (ATO Receipt ID number) is the 13-digit receipt provided by the Australian Taxation Office (ATO) when you first enrolled for JobKeeper by submitting a ‘Business enrolment for JobKeeper wage subsidy’. The enrolment receipt number starts with either ‘2410’ or ‘711’.
Need assistance?
Alternatively, our team at Highview can review your eligibility and apply on your behalf for a fee. Please note, we will only charge the fee if you are eligible for the Grant. If you would like Highview to assist you must contact your Accountant by Tuesday 26th May to ensure we have time to meet the deadline on your behalf.