VANA member Update: Fed/State stimulus package
There have been a number of Federal/ State Government relief packages announced yesterday for VIC.
Federal/ Victorian support package
The Commonwealth and Victorian Governments have announced a new Victorian Business Support Package, including a new Small Business COVID Hardship Fund and Business Continuity Fund, as well as delivering support for commercial tenants and landlords.
Five key elements make up the support package to help businesses deal with ongoing public health restrictions.
Business Continuity Fund
The Business Continuity Fund will be established to deliver $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses by necessary public health restrictions.
Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, catering services, and hairdressers.
CBD businesses will be eligible to receive an additional $2,000 recognising reduced foot traffic due to office density limits.
All recipients must have received or been eligible for the previous Business Cost Assistance Program.
Licensed Hospitality Venue Fund 2021
Under the Licenced Hospitality Venue Fund grants of up to $20,000 will be made available to support licensed venues as their operations continue to be impacted by current restrictions.
Again, an additional $2,000 will also be made available to the business if it is located within the CBD.
To receive this funding, venues will need to have received or been eligible for the Licensed Hospitality Venue Fund 2021.
Commercial Tenancy Relief Scheme and Landlord Hardship Fund
The package, to be fully funded by the Victorian Government, will deliver $80 million to provide support to landlords that provide rent relief to their tenants.
The Commercial Tenancies Relief Scheme will be reinstated to provide rent relief to small to medium commercial tenants and their landlords with more details on the rollout to be provided by the Victorian Government soon.
Small Business COVID Hardship Fund
This fund will support small businesses who have not been eligible under existing business support funds.
Small businesses with a payroll of up to $10 million who have experienced a 70 percent or greater reduction in revenue will be eligible for grants of up to $5,000.
Alpine Business Support Program
Alpine Business Support will receive a further $9.8 million to deliver grants of between $5,000 and $20,000 to 430 Alpine-based businesses in recognition of restricted inter and intra-state travel during the peak winter season. The funding also includes an additional $5 million support to alpine resort operators and management boards.
View the media release here
Brendan Tohill | Chief Executive Officer
NLNA – National Lotteries and Newsagents Association
VANA – Victorian Authorised Newsagents Association