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On Sunday 21 February 2021, the Victorian Premier Mr Daniel Andrews announced a further $143 million support package for eligible Victorian businesses (including sole traders) impacted by the circuit breaker action to limit the spread of COVID-19.

The $143 million Circuit Breaker Support Package is expected to assist more than 50,000 Victorian businesses – including restaurants, florists, confectioners, hairdressers, accommodation providers, musicians and performers who incurred costs during the Stage 4 Lock down period.

The package contains four initiatives targeted at businesses including small and micro businesses as follows:

Business Costs Assistance Program

Eligible employing and non-employing businesses in the hospitality, food wholesaling, tourism, events and selected retail industries with an annual payroll of up to $3 million will be offered grants of $2,000.

Licensed Hospitality Venue Fund

Eligible businesses who received a grant through the Licences Hospitality Venue Fund will give previous recipients of this grant an automatic $3,000 per premises payment.

Victorian Accommodation Support Program

The new Victorian Accommodation Support Program is an expansion of the Regional Tourism Accommodation Support which recognises the impact of cancellations on regional and metropolitan accommodation providers through a $16.2 million commitment.

Accommodation providers who had 10 or fewer cancellations can apply for $2,250 per business while providers with more than 10 booking cancellations can apply for $4,500 per business.

Melbourne and Regional Travel Voucher Scheme

Two travel voucher schemes will encourage Victorians to travel across the state, as our tourism industry recovers from the impacts of COVID-19 and business. The schemes include:

  • Melbourne Travel Voucher Scheme with 40,000 vouchers for $200 to support travel in greater Melbourne
  • An expanded Regional Travel Voucher Scheme of 10,000 vouchers for $200 to support travel in regional Victoria

WE’RE HERE TO HELP

For more information on the Circuit Breaker Business Support Package, particularly the eligibility and guidelines for the Business Costs Assistance Program, please contact our team on 03 9808 7377 or via email.

Disclaimer

This information is provided by Arthur Kyriacou & Co. for educational purposes. It does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. In deciding whether to acquire or continue to hold an investment, you should consider the relevant product guide or product disclosure statement.

We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Arthur Kyriacou & Co. will not be liable for any losses arising from reliance on this information.

For any queries, please contact info@alkfinancialgroup.com.au