Victorian has been hit hard by closing down of businesses due to COVID. Over the weekend Vic government came out with third round of government grants for SMEs. Total package value of $3 billion were announced.

The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must all of following conditions:

• operate a business located within Victoria
• participate in the Commonwealth Government’s JobKeeper Payment scheme
• employ people and be registered with WorkSafe
• have had an annual payroll of less than $10 million in 2019-20
• be registered for Goods and Services Tax (GST)
• hold an Australian Business Number (ABN)
• be registered with the responsible Federal or State regulator

An eligible business will receive:

• $10,000 if its annual payroll is less than $650,000
• $15,000 if its annual payroll is between $650,000 and $3 million
• $20,000 if its payroll is between $3 million and $10 million.

Grant applications open on Friday 18 September 2020. A full list of the eligibility criteria for a grant will be published when applications open.

Also announced was grant for sole traders of $3,000. Eligibility criteria is yet to come out.

Feel free to contact us on 0432 120 120 or email hello@amitaggarwal.com.au