Victoria government has come up with several programs to help sole traders and self employed people who have been badly affected by the Coronavirus. These are the people and the businesses that have experienced a massive decrease in their earnings because of various restrictions imposed by the state to control the widespread of the pandemic.
Business Support Fund- Expansion
Under this program, a onetime grant of up to $10,000 is being provided to small businesses badly hit by the Coronavirus pandemic in Melbourne and Mitchell Shire. The amount for businesses in regional Victoria is $5,000. This financial help is for businesses that have been hit because of phase 4 restrictions announced on 2nd August. Businesses are either open for only a few hours or they have become inoperative. Applications from affected sole traders are being accepted until 14th September, 2020.
- Your business must be based in Victoria
- It should have ABN
- It should be registered under GST as of 30th June, 2020
- Your must have participated in JobKeeper Payment program
- Your annual payroll for 2019-20 should be less than $3 million
Residential Tenancies Relief Scheme
Are you running your business from a rented premise in Victoria and finding it difficult to pay the rent because of the pandemic? If yes, then the government of Victoria will give you financial assistance of up to $2,000 from $80 million rental assistance fund. This grant is specifically for tenants and the money goes into the account of the landlord as a contribution towards rental payments.
Regional Tourism Accommodation Support Program
Is your sole trader business is in tourism industry and you provide accommodation to tourists coming to Victoria? Has your business suffered badly because of the restrictions imposed by the government? If yes, then you may be eligible for a financial assistance of up to $225 per booking per night under a new program called Tourism Accommodation Support Program. Applications under this program are being accepted until 14th September, 2020.
- Your business should be based in Victoria
- It must have an ABN
- It must be registered under GST if you want to claim more than $10,000
Early access to superannuation
Realizing the financial difficulties being experienced by sole traders, the government has allowed them with early access to superannuation. You can now access up to $10,000 form your super, if your business has seen a reduction of 20% or more in annual turnover because of Coronavirus. Eligible sole traders can apply for early access to superannuation between 1st July and 31st December, 2020.
JobKeeper Payment to Sole Traders
Government is giving away business owners including sole traders $1,500 per fortnight per employee depending upon their eligibility. This financial help is available till 27th September, 2020. A business should have experienced a loss of at least 30% in annual turnover if it is less than $1 billion to be eligible for this grant.
Above mentioned grants are only some of the many incentives that the Victorian Government is providing to support sole traders and businesses. To know more about such grants please speak to one of our advisors at the number mentioned below.