Covid 19 Lockdown Support Made Simple: What You Need to Know

If your business was in lockdown in Victoria, don’t fret, financial help is here from both the State and Federal governments. Depending on the length of the lockdown, businesses may be eligible to receive a co-funded small and medium business support payment, as well as various cash grants.

With more and more States going into lockdown to slow the spread of the Delta strain, many businesses and individuals will be feeling the financial pressure from losing sales and work hours. The Federal and State governments of Victoria has stepped in with support packages to help their residents weather the latest storm.

Federal support

For small and medium businesses, depending on the length of the lockdown, the federal government will fund up to 50% small and medium business support payments to be administered by the States.

Businesses will need to have an annual turnover of between $75,000 and $50m. Non-employing businesses (eg sole traders) will also be eligible, however, the maximum payment will be set at $1,000 per week. In order to receive the payment, businesses will be required to maintain their full-time, part-time, and long term casual staffing level as of 13 July 2021.

The Federal government will also seek to make various State business grants tax exempt and provide support for taxpayers through the ATO with reduced payment plans, waiving interest charges on late payments and varying instalments on request. For individuals, the COVID-19 disaster payment of up to $600 will be available in any State or Territory where a lockdown has been imposed.

Businesses in Victoria will be provided with cash grants from the State government. These payments will be automatically made to eligible businesses and sole traders to minimise delays. The State government estimates that up to 90,000 business that previously received assistance payments in relation to previous lockdowns will receive the new cash grant of $3,000 for licensed hospitality venues and $2,000 for other businesses.

Does your business need help?

If your business needs help to get through the lockdown, we can help you apply for State and Federal help including grants as well as varying payment arrangements with the ATO. All this can be done safely and contact free, contact us by call or email us today for expert advice.