For those small businesses and sole traders that continue to be affected by the necessary restrictions for the continuing health of the public, there is additional funding from the Victorian government to the sum of $8.4 million designed to provide relief.
This comes with praise from many, especially businesses significantly impacted by lockdowns and cannot operate online to significant effect.
There are approximately 3700 small businesses that are set to receive this support, with eligible sectors including gyms, yoga studios and dance schools. Unfortunately, as we know, these businesses have been unable to operate during the Covid-19 lockdowns imposed upon the state as the community works together to ensure the safety of those living within the border, as well as those outside of it.
Although a creative approach to operating remotely is encouraged, such as with online classes, there is no hiding the fact that most of these businesses have been unable to bring in the cash flows necessary to remain in a healthy financial state for when business resumes.
This additional support comes on top of the already provided $2500 to $5000 that is available to such businesses through the Business Costs Assistance Program Round Two, bringing the total support to date at about $7000 to those eligible businesses.
The total support for businesses that have been announced recently has gone beyond the $500 million mark. This includes this extra funding, the Business Costs Assistance Program, the Licenced Hospitality Venue Fund and the Regional Tourism Support Package.
As the names of each of these suggest, the different financial support packages are designed for other sectors of business that are seen to have been significantly affected by Covid-19 restrictions within the community. In total, over 90,000 different businesses across many sectors will be offered support through these schemes over the next three weeks.
With some applications restricted to deadlines, it is important that you act swiftly to obtain the support that you and your business is entitled to as we all continue to do what is necessary to keep Covid-19 out of our community.