Mainstreet Australia is committed to help you keep up to date with all the information that we can provide you with to help you, your business, your team and your community to get through this crisis.
We will be pulling information from State and Federal Government along with the ATO, NRA as well as you our members.
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Peter Mc Nabb – President Mainstreet Australia
Business Support Fund Applications Open – VIC
The Victorian Government has launched the $500 million Business Support Fund to support small businesses in the sectors hit hardest by the coronavirus (COVID-19) pandemic so they can survive and keep people in work.
$10,000 grants are available to eligible small businesses that:
- employ staff
- have been subject to closure or are highly impacted by Victoria’s shutdown restrictions announced to-date
- have a turnover of more than $75,000
- have payroll of less than $650,000.
Economic Survival Package Fact Sheet
The Victorian Government has established an economic survival package to support Victorian businesses and workers through the devastating impacts of the COVID-19 pandemic.
The Prime Minister has announced that the list of restricted non-essential services External link (opens in same window)has been significantly extended.
These measures are on top of law enforceable bans already in place for any non-essential gathering of 100 or more people indoors, and 500 or more outdoors.
A limit of one person per four square metres applies to any gathering and people are urged to practice social distancing of 1.5 metres between people at all times.
The Premier has indicated there will be further restrictions as part of the shutdown in the coming days and weeks, to help combat coronavirus (COVID-19), and further businesses may be added at this time.
For information about coronavirus (COVID-19), visit the Department of Health and Human Services (DHHS) coronavirus website External link (opens in same window).
Please note: Victorians will still be able to go to the supermarket, the bank, the pharmacy and access other essential stores, like petrol stations and convenience stores.
For all businesses not subject to restricted trading, it is recommended that the DHHS Actions for organisations, workplaces and employers External link (opens in same window)are followed to reduce the risk of transmission of coronavirus (COVID-19).
If you have any questions about your business’s ability to open under the restrictions you can contact the Business Victoria coronavirus hotline by calling 13 22 15 or using our Contact Us form.
For the latest advice and resources on coronavirus (COVID-19), see the Victorian Government Department of Health and Human Services (DHHS) coronavirus page External link (opens in same window).
For advice and support for businesses, please call our dedicated business hotline on 13 22 15.
This web page will be updated as new information becomes available. Please check back regularly to stay up-to-date with the latest advice for your business.
As part of a $1.7 billion economic survival package, the Victorian Government has announced $500 million to establish a Business Support Fund to assist small to medium businesses most impacted by the COVID-19 outbreak.
Once the initial damage assessment has been done on your business, you need to think about what you’ll do long term and how you might respond and recover.
Small Business Victoria provides low cost mentoring services to help you work through or develop a recovery plan. You can book an appointment with a mentor here.
CPA Australia has developed some high-level tips to help businesses respond to COVID-19 External link (opens in same window), including staying up-to-date with information, considering the potential impacts on your business, putting a contingency plan in place and seeking professional advice if required.
You can a detailed summary of potential actions and more resources for business on the CPA Australia website External link (opens in same window). These include Disaster Recovery Toolkits External link (opens in same window)and tax information External link (opens in same window)for businesses affected by COVID-19.
Please note: This information has been updated in line with part two on the Australian Government’s economic response announced on Sunday 22 March, 2020.
The Australian Government has announced a $189 billion economic plan in response to coronavirus COVID-19.
Support for businesses includes:
Cash flow assistances for businesses
- providing up to $100,000 to eligible small and medium sized businesses, and not‑for-profits (including charities) that employ people, with a minimum payment of $20,000.
- Providing 50 per cent wage subsidies to eligible employers of apprentices and trainees for up to nine months from 1 January to 30 September 2020.
- Up to $125 billion in support for credit to flow through $20 billion of loan guarantees for small businesses, and actions announced on Thursday 20 March to support $90 billion of business lending.
Regulatory protection and financial support for businesses to stay in business
- A Coronavirus SME Guarantee Scheme which will support small and medium enterprises (SMEs) to get access to working capital to help them get them through the impact of the coronavirus.
- A temporary increasing the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
Delivering support for business investment
- An increase the instant asset write-off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
- a time limited 15-month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions.
Support for workers and households
- temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight
- allow individuals in financial stress as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
For information on the Australian Government’s economic response to the COVID-19 outbreak refer to: https://treasury.gov.au/coronavirus External link (opens in same window).
Find financial assistance, eligibility and timing for the new government support for Australian businesses. This page is constantly being updated
- Restrictions on non-essential services
- Support available for sole traders
- Support available for employers
- Support available for companies
- Boosting cash flow to employers
- supporting apprentices and trainees
- increased and accelerated income support
- Early access to superannuation
- Assistance to affected regions, communities and industries
- Supporting the flow of Credit
- Temporary relief for financially distressed
- Increasing the instant Asset Write-off
- Backing Business Investment