Small Business COVID Hardship Fund

Is your GST registered business suffered at least a 70% reduction in turnover impacted by COVID-19 since 27 May 2021?

if so, read on.

What is Small Business COVID Hardship Fund?

The Victorian Government is always looking for more ways to support more businesses in need. That’s why the Victorian Government’s Small Business COVID Hardship Fund will assist eligible small and medium businesses:

  • whose operations have been severely impacted by COVID-19 restrictions that have been in place since 27 May 2021
  • that have experienced at least a 70% reduction in turnover as a result of the COVID-19 restrictions
  • that are ineligible for other key COVID-19 Victorian Government business grant programs that have been announced since 27 May 2021.

The program offers grants of $10,000 to eligible small and medium businesses, including employing and non-employing businesses. This program will allow more businesses who have previously not received support, to receive financial relief now.

Eligibility

  • Your business must hold an Australian Business Number (ABN) and have held that ABN on and from 28 July 2021
  • Your business must have been registered for Goods and Services Tax (GST) on and from 28 July 2021.
  • Your business must be able to demonstrate a reduction in turnover of at least 70% for a two-week period since 27 May 2021.
  • Your business must not have received funding under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021.

This includes businesses that are able to operate but COVID-19 restrictions preclude them from generating revenue, for example:

  • my key customer was required to close (e.g. food and beverage manufacturers that supply closed venues)
  • the location or type of business meant that access to my customers was severely impacted
  • my customers cancelled bookings or orders.

When does business need to have lost revenue in order to be eligible?

Eligible businesses must demonstrate a reduction in turnover of at least 70% for a minimum consecutive two-week period between 27 May 2021 and 10 September 2021 (Impacted Period) as a direct consequence of COVID-19 restrictions, comparable to a benchmark period in 2019.

Businesses must choose similar dates for the Benchmark Period and the Impacted Period unless there are exceptional reasons as to why a different time is chosen.

If applicants choose a starting date in 2019 that is more than 3 days earlier or later than the starting date in 2021, the application may require further information to substantiate the exceptional reasons.

Applicants may choose a longer consecutive period, however if a longer period for the Impacted Period is used, applicants must use the same length of time for the Benchmark Period.

How to apply?

You can choose to apply for this program in one of three ways:

  1. A qualified agent like us can apply on your behalf and verify the 70% drop in business turnover as part of the application. The qualified agent needs to attest that they are authorised to apply on your behalf.
  2. You can apply directly as a business owner and have the application verified by a qualified agent using the Small Business COVID Hardship Fund – Letter from the Us as we are Certified Practicing Accountant and Registered Tax Agent.
  3. Business owners who do not have access to a qualified agent can register their interest for the program. Applicants may receive an Invitation to Apply email from the department. Applications received via the Invitation to Apply process may take up to 25 business days to process, due to the need for additional verification measures.

 What if you have received a grant through another COVID-19 business support program?

Businesses are not eligible to receive a Small Business COVID Hardship Fund grant if they have received support under any of the Victorian Government COVID-19 support packages launched on or after 27 May 2021, including:

  • Business Costs Assistance Program Round Two
  • Business Costs Assistance Program Round Two Extension
  • Licensed Hospitality Venue Fund 2021
  • Licensed Hospitality Venue Fund 2021 – July Extension
  • Alpine Resorts Support Program
  • Victorian Events Support Package, comprising of:
    • Sustainable Events Business Program
    • Impacted Public Events Support Program
    • Independent Cinema Support Program
    • Live Performance Support Program (Presenters)
    • Live Performance Support Program (Suppliers)

If you think you are qualify, please contact us. We can help to you apply this small business COVID hardship fund from the Victorian Government.

Fill up the form/ email/ or call us to find out how we can help you.

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