Small Business Hardship Grant In Australia
If you have a small business in Australia, and you are experiencing some challenges, you may receive a certain amount of assistance from the government as well as other private support agencies. For instance, during the Covid19 pandemic, the Australian government created a business assistance program that offered financial assistance to small businesses that would be adversely affected by the pandemic’s public health and social measures.
Therefore, without sufficient help from the government, your small business may most likely struggle, especially in times of crisis. The good news is that the Federal government has formulated several programs, incentives, and other initiatives to help support small business sector in times of crisis. This article will discuss the various financial assistance programs offered by the Australian government. You will also find information regarding wage subsidy programs as well as the schemes available where one can apply to ensure that small businesses are able to apply for the much-needed assistance.
Research and Technology Transfer Programs
The Australian government encourages small business owners to participate in federal research programs under the innovation initiative of small businesses program. They can form new and innovative ideas and products to create funds when they work together. The funds generated by the program and other related agencies will be used to support the growth of the small enterprises and the restoration of small businesses that were shut down during a crisis. The fund ranges from $10,000 to $100,000, based upon your eligibility.
Regarding the transfer of technology program, it is a government-backed initiative to work with other small businesses to explore new prospects. The growth or restoration of your small business will be supported by the goods and profits created by this initiative.
Australia Reimbursement Program
The program helps small businesses directly affected by tropical cyclones. Your small business will be eligible if it is located in 1 of the 16 local government areas affected by the Cyclone Seroja to help with the costs of cleaning up cyclone-related debris and resuming your businesses’ operations. The small enterprises will benefit from the reimbursement awards by being able to continue or resume their business.
Keep in mind that the payments are not meant to cover expenses that can be covered by insurance or to make up for the lost income due to the disaster. You can apply for the reimbursement fund even if you have already applied to the grant scheme.
Regional Employment Hardship Fund
This hardship fund helps small business owners start up, grow and expand their businesses. The government has allocated at least $140 million towards this initiative, and it entices small business owners from different regions to make investments in NSW. The regional NSW is home to robust agricultural, manufacturing, tourism, and other small enterprises. It provides Australia with the largest and most varied regional economy.
The regional fund helps in the replacement, improvement, or modification of machinery and equipment of small businesses. It also helps to establish growth for the small businesses by moving their operations which you can carry out abroad, to the NSW site. The goal of the regional fund is to co-fund initiatives in at least 5 long-term regional jobs and local businesses. The government provides up to $20,000, for which applicants must contribute at least 50 percent of the cash.
Wage Subsidy Program for the Disabled
The wage subsidy program helps to assist persons with disabilities by starting, growing, or restoring their small businesses. The scheme assists small businesses in engaging individuals who have lost their jobs to register with the program and benefit from it. The program offers subsidies to qualified businesses to assist in covering the salaries of the employees of a given small business during their few months of work.
Additionally, the program assists persons with disabilities in developing their skills and expertise. There are specific requirements to check if you are eligible for the program. The business qualifies if the business has an ABN, has not recently laid off its employees or reduced the number of employees, and has not received a government wage subsidy for the same employee or position in the past.
The amount of money you will get depends on the scheme and the negotiated sum agreed upon between the business owner and the program. Additionally, it also depends on the program’s requirements, the business’s location, and the employer’s needs. For occupations lasting from 8 to 10 hours every week over 13 weeks, the program offers up to $1,650. When the occupation lasts at least 11 to 15 hours every week over 26 weeks, the program offers up to $ 6,000. The highest amount offered by the program is $10,000.
Grants for Small Businesses in Western Australia
This program is meant to give financial support to small and medium-scale business owners in Western Australia that were affected by the Covid19 pandemic. Most of these businesses experienced a 30 percent decline between January and April 2022 that led to their hardship. For you to qualify in the program, you should be able to show at least 30 percent decrease in turnover over a stretch of 2 weeks in a row, you should also prove the number of employees you have hired and certain financial details, you should also provide a bank statement containing recent transactions, the business name and other details such as the account number.
If you are eligible, you will receive funds depending on the number of employees who work full-time in your business. If the business had a 30 percent decrease turn over, sole proprietors of their business which is a micro-business receive $3,750. If the business owner has got less than 5 employees, it is categorised to be a small enterprise and therefore will receive upto $7,500. If the business has got a business owner and at least 18 employees, it is categorised to be a medium enterprise where the program offers upto $15,000.
Small Business Hardship Grants
Whether you own a small-scale business or plan to expand your business, you may be eligible to apply for several financial programs that can help you restore your business to the state it was and more. Remember that you have to get the correct and complete documentation to be eligible for these programs.
If you find the application process difficult, you can seek the guidance of experts who focus on providing such services. Additionally, you may call us today and speak to one of our advisors who can guide you through the process.