ANNOUNCEMENT 03 Sep 2021

On 3 September 2021, the Australian and Victorian Governments announced a AUD 2.34 billion investment in a COVID-19 business support package.

NUMBER OF INTERVENTIONS

6

  • 6 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Premier of Victoria the Hon Daniel Andrews. Home. "Extended Support For Victorian Businesses" of 4 September 2021. Available at:
https://www.premier.vic.gov.au/extended-support-victorian-businesses

Business Victoria. Home. Grants & Programs. "Small Business COVID Hardship Fund." Available at:
https://business.vic.gov.au/grants-and-programs/small-business-covid-hardship-fund

Business Victoria. Home. Grants & Programs. Small Business COVID Hardship Fund. "PROGRAM GUIDELINES: Small Business COVID Hardship Fund." Available at:
https://business.vic.gov.au/__data/assets/pdf_file/0016/2031208/Small-Business-COVID-Hardship-Fund-guidelines.pdf

Premier of Victoria the Hon Daniel Andrews. Home. "Extended Support for Victorian Businesses" of 3 September 2021. Available at:
https://www.premier.vic.gov.au/extended-support-victorian-businesses

Inception date: 04 Sep 2021 | Removal date: 10 Sep 2021

Financial grant

On 4 September 2021, the regional government of Victoria announced an AUD 224 (USD 166) million increase in funding for the Small Business COVID Hardship Fund for SMEs in the region. The deadline to apply for the financial grant scheme is 10 September 2021.

The objective of the grant funding is to support SMEs affected by COVID-19 restrictions in the region that are ineligible to apply for other grant funding through the government. Eligible businesses are those that have experienced a reduction in turnover of at least 70% for a two week period compared to 2019. Beneficiaries will be able to receive a grant amount between AUD 14,000 (USD 10,000) and AUD 20,000 (USD 14,900). 

The grant scheme has been in place since May 2021, but aside from this funding amount, the other Small Business COVID Hardship Fund interventions did not exceed USD 100 million (the reportable threshold for SMEs according to GTA regulations), hence it was not reported before.

The Small Business COVID Hardship Fund is funded 50/50 by the national Australian Government, making the new total funding contribution AUD 448 (USD 333) million. Please, see related intervention. 

The AUD 448 million contributed to the Small Business COVID Hardship Fund is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 business support package. To view the other interventions, like the funding for both the Business Costs Assistance Program Round 4 and the Licensed Hospitality Venue Fund, please, consult related interventions.

To view additional support measures for SMEs introduced by the Victorian government of Australia as a result of COVID-19, please, see related state acts.

Update

On 30 September 2021, the Victorian Government contributed an additional AUD 300 (USD 226) million to the Small Business COVID Hardship Fund, which was matched by an investment of the same amount on behalf of the national Australian Government. Please, see related state acts.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 04 Sep 2021 | Removal date: 10 Sep 2021

Financial grant

On 4 September 2021, the Australian Government announced an AUD 224 (USD 166) million increase in funding for the Small Business COVID Hardship Fund for SMEs in the region of Victoria. The deadline to apply for the financial grant scheme is 10 September 2021.

The objective of the grant funding is to support SMEs affected by COVID-19 restrictions in the region that are ineligible to apply for other grant funding through the government. Eligible businesses are those that have experienced a reduction in turnover of at least 70% for a two week period compared to 2019. Beneficiaries will be able to receive a grant amount between AUD 14,000 (USD 10,000) and AUD 20,000 (USD 14,900). 

The grant scheme has been in place since May 2021, but aside from this funding amount, the other Small Business COVID Hardship Fund interventions did not exceed USD 100 million (the reportable threshold for SMEs according to GTA regulations), hence it was not reported before.

The Small Business COVID Hardship Fund is funded 50/50 by the regional government of Victoria, making the new total funding contribution AUD 448 (USD 333) million. Please, see related intervention. 

The AUD 448 million contributed to the Small Business COVID Hardship Fund is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 business support package. To view the other interventions, like the funding for both the Business Costs Assistance Program Round 4 and the Licensed Hospitality Venue Fund, please, consult related interventions.

To view additional support measures for SMEs introduced by the Victorian government of Australia as a result of COVID-19, please, see related state acts.

Update

On 30 September 2021, the Australian Government contributed an additional AUD 300 (USD 226) million to the Small Business COVID Hardship Fund, which was matched by an investment of the same amount on behalf of the regional government of Victoria. Please, see related state acts.

 
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Inception date: 03 Sep 2021 | Removal date: 30 Sep 2021

Financial grant

On 3 September 2021, the regional government of Victoria allocated AUD 800 (USD 595) million to the Business Costs Assistance Program Round 4, which provides a financial grant to small and medium-sized businesses in the region. 

The objective of the grant funding is to support SMEs experiencing financial losses as a result of COVID-19. In this context, "Businesses throughout Victoria will receive automatic payments [...] to cover ongoing costs such as wages, rent, utilities and insurance." It is expected that nearly 132,000 businesses will benefit from the financial grant. 

The Business Costs Assistance Program Round 4 is funded 50/50 by the national Australian Government, making the new funding contribution for the scheme AUD 1.6 (USD 1.1) billion. Please, see related intervention.

The AUD 800 million contributed to the Business Costs Assistance Program Round 4 is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 package. To view the other interventions, like new funding for both the Small Business COVID Hardship Fund and the Licensed Hospitality Venue Fund, please, consult related interventions.

To view additional support measures for SMEs introduced by the regional government of Victoria targeting SMEs as a result of COVID-19, please, see related state acts.

Update

On 30 September, the regional government of Victoria allocated an additional AUD 630 (USD 450) million to the Business Costs Assistance Round 5. Please, see related state act.

 
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Inception date: 03 Sep 2021 | Removal date: 30 Sep 2021

Financial grant

On 3 September 2021, the Australian Government allocated AUD 800 (USD 595) million to the Business Costs Assistance Program Round 4, which provides a financial grant to small and medium-sized businesses in the region of Victoria. The grant opportunity closes 30 September 2021.

The objective of the grant funding is to support SMEs experiencing financial losses as a result of COVID-19. In this context, "Businesses throughout Victoria will receive automatic payments [...] to cover ongoing costs such as wages, rent, utilities and insurance." It is expected that nearly 132,000 businesses will benefit from the financial grant. 

The Business Costs Assistance Program Round 4 is funded 50/50 by the national Australian Government, making the new funding contribution for the scheme AUD 1.6 (USD 1.1) billion. Please, see related intervention.

The AUD 800 million contributed to the Business Costs Assistance Program Round 4 is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 package. To view the other interventions, like new funding for both the Small Business COVID Hardship Fund and the Licensed Hospitality Venue Fund, please, consult related interventions.

To view additional support measures for SMEs introduced by the Australian Government targeting SMEs as a result of COVID-19, please, see related state acts.

Update

On 30 September, the Australian Government allocated an additional AUD 630 (USD 455) million to the Business Costs Assistance Round 5. Please, see related state act.

 
N/A
 
N/A
Inception date: 03 Sep 2021 | Removal date: 30 Sep 2021

Financial grant

On 3 September 2021, the regional government of Victoria invested AUD 144.5 (USD 107.5) million in the Licensed Hospitality Venue Fund 2021, a financial grant scheme targeting businesses in the hospitality sector in the same region. The grant opportunity closes 30 September 2021.

The objective of the funding is to help out restaurants, bars, hotels, and cafes that are experiencing economic losses as a result of COVID-19. More specifically, "Payment amounts are tiered according to premises capacity: AUD 5,000 for a capacity of up to 99 patrons or where patron capacity is not specified, AUD 10,000 for a capacity of 100 to 499 patrons, and AUD 20,000 for a capacity of 500 or more." It is expected 9,300 businesses will benefit from the grant. 

The Licensed Hospitality Venue Fund is funded 50/50 by the national Australian Government, making the new funding contribution for the scheme AUD 289 (USD 215) million. Please, see related intervention.

The AUD 289 million contributed to the Licensed Hospitality Venue Fund is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 package. To view the other interventions, like new funding for both the Small Business COVID Hardship Fund and the Business Costs Assistance Program Round 4, please, consult related interventions.

To view additional support measures introduced by the regional government of Victoria targeting businesses in the same region as a result of COVID-19, please, see related state acts.

Update

On 30 September, the regional government of Victoria allocated an additional AUD 203 (USD 146) million to the Licensed Hospitality Venue Fund. Please, see related state act.

 
N/A
 
N/A
Inception date: 03 Sep 2021 | Removal date: 30 Sep 2021

Financial grant

On 3 September 2021, the Australian Government invested AUD 144.5 (USD 107.5) million in the Licensed Hospitality Venue Fund 2021, a financial grant scheme targeting businesses in the hospitality sector in the region of Victoria. The grant opportunity closes 30 September 2021.

The objective of the funding is to help out restaurants, bars, hotels, and cafes that are experiencing economic losses as a result of COVID-19. More specifically, "Payment amounts are tiered according to premises capacity: AUD 5,000 for a capacity of up to 99 patrons or where patron capacity is not specified, AUD 10,000 for a capacity of 100 to 499 patrons, and AUD 20,000 for a capacity of 500 or more." It is expected 9,300 businesses will benefit from the grant. 

The Licensed Hospitality Venue Fund is funded 50/50 by the regional government of Victoria, making the new funding contribution for the scheme AUD 289 (USD 215) million. Please, see related intervention.

The AUD 289 million contributed to the Licensed Hospitality Venue Fund is part of the larger AUD 2.34 (USD 1.7) billion COVID-19 package. To view the other interventions, like new funding for both the Small Business COVID Hardship Fund and the Business Costs Assistance Program Round 4, please, consult related interventions.

To view additional support measures introduced by the Australian Government targeting businesses in the region of Victoria as a result of COVID-19, please, see related state acts.

Update

On 30 September, the Australian Government allocated an additional AUD 203 (USD 146) million to the Licensed Hospitality Venue Fund. Please, see related state act.

 
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