The Victorian Government will provide more support to help businesses and workers through to the other side of the coronavirus pandemic.
The Government has announced a $534 million Business Support Package – the latest support measures on top of the $6 billion in economic relief already invested since the pandemic began.
The move comes as the government prepares to extend stimulus initiatives and subsidies such as JobKeeper.
The latest measures include cash grants for struggling businesses, mental health support for business owners and targeted advice for businesses to adapt, stay afloat and then bounce back on the other side.
The reinstatement of restrictions across metropolitan Melbourne and Mitchell Shire is necessary to slow the spread of the virus, but the impact on businesses and their staff is significant.
That’s why the Government will expand the Business Support Fund and provide more than 80,000 eligible businesses with a new $5,000 grant to support them through the renewed restrictions.
This grant was previously made available to the 12 postcodes linked to outbreaks. It will now apply to all areas under Stage 3 restrictions.
While hospitality and tourism are among the biggest winners, there is support for other categories.
The Government will establish a $10 million business mentoring program, pairing small business owners with experienced professionals who can help them navigate their way through the crisis.
Small businesses in Melbourne’s CBD have also been given a lifeline, with a $20 million CBD Business Support Fund.
Businesses will also benefit from an extended and expanded payroll tax deferral.
Eligible businesses with payrolls up to $10 million can defer their liabilities for the first half of the 2020/21 financial year.
Treasurer Tim Pallas said the lifeline is essential to businesses.
“This is a blow for the Victorian economy and our hard-working businesses, but our economy is robust enough to help us get through to the other side.”
Minister for Small Business Jaala Pulford also agreed.
“This pandemic is hard for so many of our small businesses and that’s why we’re making sure they have the support they need to survive, adapt and keep their employees on – so more Victorians can stay in jobs.”