Business support announcement 19 August



An additional allocation of $72 million will boost the Small Business COVID Hardship Fund to $252 million, with grants increasing from $10,000 to $14,000 and available to small- and medium-sized businesses across the state.

The fund opened for applications on 12 August 2021 through the Business Victoria website and will help up to 18,000 businesses that have been ineligible for business support programs and have experienced a reduction in revenue of at least 70 per cent.

Businesses that are legally allowed to operate but are restricted in their ability to generate revenue – such as a food store located at a shopping centre or a manufacturer supplying goods for closed venues – will be among those businesses that that could be eligible.



More than 110,000 businesses in metropolitan Melbourne will automatically receive payments of $5,600 ($2,800 per week) through a $625 million injection.

The Business Costs Assistance Program provides support for businesses that are significantly affected due to the lockdown but continue to incur costs.



Automatic payments of $5,000, $10,000 and $20,000 per week will be made to about 7,000 licensed hospitality premises in metropolitan Melbourne that have previously received grants under the Licensed Hospitality Venue Fund 2021 or July Extension programs. An additional $110 million has been allocated to the new licensed hospitality venue initiative.

Payment amounts will be stepped according to premises capacity: $5,000 for a capacity of up to 99 patrons, $10,000 for a capacity of 100 to 499 patrons and $20,000 for a capacity of 500 or more.



Eligible workers across the state who lose hours of work due to the lockdown will be able to access the Commonwealth’s COVID-19 Disaster Payment, as will individuals who are sole-trader business owners who lose work and that do not qualify for Victorian Government support programs.

The COVID-19 Disaster Payment is administered through Services Australia, with the Federal Government funding the areas declared a Commonwealth hotspot and the Victorian Government assuming responsibility to fund payments in the rest of the state.

The payment is set at $450 for people who have lost from eight to 20 hours work or a full day of work (over seven days), and $750 for 20 hours or more of work lost. People who receive certain Commonwealth income support are eligible to receive a $200 payment where they have lost eight hours or more of work due to the lockdowns.



Australian banks offer customer relief

Although we know that the Australian economy is in relatively good shape, the current lockdown situation, following previous disruptions does take its toll on customers and as a result, recovery can be slow. 

Therefore, thankfully, the Australian Banking Association has declared that they will support both Australian businesses and customers suffering as a result of closed businesses and reduced hours.

There is no need to tough it out on your own and if you are finding your situation difficult, your bank has ways to help you get through it. By assessing your situation on a case by case basis, whether you be an individual, a small business or a larger scale one, options will be made available to ensure that the necessary lockdowns do not pose a significant and lasting detrimental impact on your financial wellbeing. 

Irrespective of where you are living and working in Australia, we urge you to feel comfortable with contacting support either directly with your bank or by talking to a financial advisor such as one of our accounting specialists at Glance to discuss your current situation, forecast your future prospects and potentially pivot to make positive change.

You may be made aware of packages that are available to you through the government or relief can be offered to you by your bank to provide respite as lockdowns continue for the wellbeing of the health system and our communities.

Support from banks include business banking payment deferrals, which can extend for up to 3 months and is available only to loans that are good standing. Some 98% of small businesses can receive this support, designed for those borrowing less than $3 million with a turnover of less than $5 million. 

Everyday banking support and home loan support is also available to both individual and business customers which include refunds of merchant terminal fees for up to three months, waiving of fees and notice periods and home loan deferrals on a month by month basis, depending on your situation. 

Speak up and receive the support that is available to you so that you do not need to suffer through any detrimental financial impacts that the lockdowns may otherwise impose on you and your business. 

Contact our friendly team of trusted advisors on 03 98859793 or at to discuss your needs today.

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